Elena Owns 25% of a Partnership That Reported Net Income

question 98

Multiple Choice

Elena owns 25% of a partnership that reported net income of $100,000 for the year. During the year $5,000 was distributed to Elena from the partnership. How much should Elena include in her taxable income for the year?

• A) $30,000
• B) $25,000
• C) $5,000
• D) $0

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Definitions:

Positivist Social Scientist

A researcher who applies empirical, scientific methods and quantitative analysis to study and understand social phenomena and behaviors.

Labeling Perspective

The theory that society's reaction and labels attached to behaviors or individuals can influence the perception of and contribute to deviant behavior.

Society

A group of individuals living together in a more or less ordered community that shares common customs, laws, and social structures.

Deviant Act

Behavior that violates social norms or values, which can range from minor breaches of etiquette to major violations such as criminal activity.