The STU Partnership, an Electing Large Partnership, Has No Passive

question 38

Multiple Choice

The STU Partnership, an electing Large Partnership, has no passive activities and reports the following transactions for the year: net long-term capital losses $50,000, Sec. 1231 gain $60,000, ordinary income $20,000, charitable contributions $15,000, and tax-exempt income $2,000. How much will be reported as long-term capital gains to its partners?

• A)$0
• B)$10,000
• C)$50,000
• D)$60,000

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Definitions:

Forging Trademark

The illegal act of reproducing or imitating a registered trademark without authorization to deceive or defraud.

Injunction

An official court order compelling a party to do or refrain from specific acts, serving as a preventive measure in legal disputes to avoid irreparable harm.

Custody

The protective care or guardianship of someone or something, often used to describe the legal guardianship of a child.

Patentable Invention

An invention that meets specific legal criteria to be protected by a patent, preventing others from making, using, or selling the invention without permission.