The XYZ Partnership Reports the Following Operating Results for the Current

question 79

Multiple Choice

The XYZ Partnership reports the following operating results for the current year: $$\begin{array} { | l | r| } \hline \text { Net long-term capital loss } & ( \$ 40,000 ) \\\hline \text { Net Sec. } 1231 \text { loss } & ( 16,000 ) \\\hline \text { Ordinary income } & 50,000 \\\hline\end{array}$$ Tai has a 20% profits interest and a 25% loss interest in the XYZ Partnership.His distributive share of ordinary income is

• A)$6,800.
• B)$8,500.
• C)$10,000.
• D)$12,500.

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Definitions:

High School Friends

Individuals with whom one forms friendships during the years spent in secondary education, often playing significant roles in social and emotional development.

Ethnic Background

An individual's cultural heritage or ancestry, which can influence their identity, traditions, and perspectives.

Leisure Activities

Recreational actions or engagements undertaken for enjoyment and relaxation, not typically associated with work or duties.

Adolescent Clique

A small, tightly knit group of teenagers who share similar interests, values, or social status.