Cornell and Joe Are Equal Partners in Jones Company In Addition to His Jones Earnings,Joe Has Other Net Taxable

question 93

Multiple Choice

Cornell and Joe are equal partners in Jones Company.For the current year,Jones reports the following items of income and expense:
$\begin{array}{lr}\text { Sales revenues } & \$ 500,000 \\\text { Long-term capital gains } & 14,000 \\\text { Short-term capital losses } & (30,000) \\\text { Trade and business expenses } & (200,000) \\\text { Limited partnership loss } & (50,000) \\\text { Taxable income } & \$ 234,000\end{array}$
In addition to his Jones earnings,Joe has other net taxable income of $45,000.Included in the $45,000 is $10,000 in income from a passive activity.Joe's income is:

• A)$152,000
• B)$157,000
• C)$162,000
• D)$167,000
• E)$182,000

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