Sophia Owns 20% of a Partnership That Reported Net Income

question 93

Multiple Choice

Sophia owns 20% of a partnership that reported net income of $130,000 for the year. During the year $18,000 was distributed to Sophia from the partnership. How much should Sophia include in her taxable income for the year?

• A) $44,000
• B) $29,000.
• C) $26,000
• D) $44,000.

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Definitions:

Psychological Factors

Elements associated with the mind or mental processes that can influence behavior and well-being.

Sociocultural Factors

Aspects of society and culture that affect an individual's behavior patterns, attitudes, and perceptions.

Biological Factors

Refers to the physiological and genetic influences on human behavior and mental health conditions.

Environmental Factors

Elements in the surrounding environment that can influence the development, behavior, and well-being of individuals or populations.