MN Partnership Has Two Equal Partners,Mark and Nadia

question 100

Essay

MN Partnership has two equal partners,Mark and Nadia.In the current year,the MN earns $140,000 of ordinary business income and a $30,000 long-term capital gain.Nadia is single.In addition to the partnership items,she reports $40,000 of interest income and a long-term capital loss of $13,000 from her personal investment accounts.Nadia does not itemize her deductions.Calculate Nadia's 2019 taxable income.

---

Definitions:

Life Imprisonment

A sentence of incarceration for a crime where the individual is to spend the rest of their life in prison.

Ten Years' Imprisonment

A criminal sentence where the convicted individual is required to spend ten years in jail.

Reasonable Doubt

A standard of proof in criminal cases that requires the prosecution to prove the defendant's guilt to such a high degree that a reasonable person would have no doubt as to the defendant’s guilt.

Convicted

Found guilty of a crime by a court of law.