Iris and Jeong File a Joint Return

question 1461

Essay

Iris and Jeong file a joint return. Iris is an executive with a corporation, earning a $800,000 salary. Jeong is a 50% partner in JK Partnership. He works full- time in the partnership. Jeong's basis in his partnership interest at the beginning of the year is $1 million. In the current year, the partnership reports an ordinary loss of $1.2 million, half of which is allocated to Jeong. There were no separately stated items, no distributions made and no changes in liabilities. Iris and Jeong earned $100,000 of dividend income from their investment portfolio. They do not itemize deductions.
a. Determine 2018 taxable income for Iris and Jeong.
b. Discuss the treatment of any income or loss items not recognized in 2018.

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