Amanda, who is single, owns 40% of the Sherwood Partnership. During the current year, Sherwood has the following results: Amanda withdraws $30,000 from the partnership. In addition, Amanda has a $30,000
a. long-term capital loss from the sale of an investment. What is Amanda's gross income from this information? Explain and show your calculations.
Assume that in the next year, Sherwood Publishing has $80,000 of ordinary income,
b. Amanda has a $24,000 short-term capital gain and taxable income from other sources of $20,000. What is her adjusted gross income? Explain and show your calculations.

Question

Amanda, who is single, owns 40% of the Sherwood Partnership. During the current year, Sherwood has the following results:  Amanda withdraws $30,000 from the partnership. In addition, Amanda has a $30,000 
a. long-term capital loss from the sale of an investment. What is Amanda's gross income from this information? Explain and show your calculations.
Assume that in the next year, Sherwood Publishing has $80,000 of ordinary income,
b. Amanda has a $24,000 short-term capital gain and taxable income from other sources of $20,000. What is her adjusted gross income? Explain and show your calculations.

Quizplus · Accepted Answer

The Answer of Amanda, who is single, owns 40% of the Sherwood Partnership. During the current year, Sherwood has the following results:  Amanda withdraws $30,000 from the partnership. In addition, Amanda has a $30,000 
a. long-term capital loss from the sale of an investment. What is Amanda's gross income from this information? Explain and show your calculations.
Assume that in the next year, Sherwood Publishing has $80,000 of ordinary income,
b. Amanda has a $24,000 short-term capital gain and taxable income from other sources of $20,000. What is her adjusted gross income? Explain and show your calculations.

Amanda, Who Is Single, Owns 40% of the Sherwood Partnership