Joey and Bob Each Have a 50% Interest in a Partnership

question 367

Multiple Choice

Joey and Bob each have a 50% interest in a Partnership. Both Joey and the partnership file returns on a calendar- year basis. Partnership Q had a $12,000 loss in 2017. Joey's adjusted basis in his partnership interest on January 1, 2017, was $5,000. In 2018, the partnership had a profit of $10,000. Assuming there were no other adjustments to Joey's basis in the partnership, what amount of partnership income (loss) should Joey show on his 2017 and 2018 individual income tax returns?

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IQ Tests

Standardized tests designed to measure human intelligence and cognitive abilities in relation to an age group.

Genetics

The branch of biology concerned with the study of genes, genetic variation, and heredity in organisms.

Triarchic Theory

A theory of intelligence proposed by Robert Sternberg, stating that human intelligence comprises analytical, creative, and practical dimensions.

Sternberg

Robert Sternberg, an American psychologist who proposed the triarchic theory of intelligence, which includes analytical, creative, and practical intelligence.