Sandi and Jodie are partners who operate Household Humanities.Sandi owns 60% and Jodie owns 40% of Household.During the current year,Household has the following results:

a.How must Household report these results to Sandi and Jodie? Show calculations.
b.Sandi is a head of household with two dependent children (ages 17 and 18).She has $19,000 of other income,which includes a $6,000 short-term capital gain.Sandi has $16,750 of other allowable itemized deductions.Calculate Sandi's taxable income and income tax liability for 2017.

Question

Sandi and Jodie are partners who operate Household Humanities.Sandi owns 60% and Jodie owns 40% of Household.During the current year,Household has the following results:
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a.How must Household report these results to Sandi and Jodie? Show calculations.
b.Sandi is a head of household with two dependent children (ages 17 and 18).She has $19,000 of other income,which includes a $6,000 short-term capital gain.Sandi has $16,750 of other allowable itemized deductions.Calculate Sandi's taxable income and income tax liability for 2017.

Quizplus · Accepted Answer

The Answer of Sandi and Jodie are partners who operate Household Humanities.Sandi owns 60% and Jodie owns 40% of Household.During the current year,Household has the following results:
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a.How must Household report these results to Sandi and Jodie? Show calculations.
b.Sandi is a head of household with two dependent children (ages 17 and 18).She has $19,000 of other income,which includes a $6,000 short-term capital gain.Sandi has $16,750 of other allowable itemized deductions.Calculate Sandi's taxable income and income tax liability for 2017.

Sandi and Jodie Are Partners Who Operate Household Humanities