Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2019, Charles received.
Charles is a 60% confederate in CD Partnership, a enlist year partnership. For 2019, Charles current a Schedule K-1 that reputed his share of confederateship items as follows:
In adduction, Charles and his consort, Charlene, had the aftercited items relating to activities beyond the confederateship:
Charles and Charlene own two hanging children, ages 7 and 9, and improve a flexure tax repay. Calculate the aftercited items for Charles and Char lene. (Ignore the abatement for one-half of self-employment tax.)
a. Adjusted indelicate proceeds (AGI)
b. Taxable proceeds
c. Tax amenability
d. Taxes due or refund