Amanda,who is single,owns 40% of the Sherwood Partnership.During the current year,Sherwood has the following results:

a.Amanda withdraws $15,000 from the partnership.In addition,Amanda has a $30,000 long-term capital loss from the sale of an investment.What is Amanda's gross income from this information? Explain and show your calculations.
b.Assume that in the next year,Sherwood Publishing has $80,000 of ordinary income,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:
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a.Amanda withdraws $15,000 from the partnership.In addition,Amanda has a $30,000 long-term capital loss from the sale of an investment.What is Amanda's gross income from this information? Explain and show your calculations.
b.Assume that in the next year,Sherwood Publishing has $80,000 of ordinary income,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:
​
  
a.Amanda withdraws $15,000 from the partnership.In addition,Amanda has a $30,000 long-term capital loss from the sale of an investment.What is Amanda's gross income from this information? Explain and show your calculations.
b.Assume that in the next year,Sherwood Publishing has $80,000 of ordinary income,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