In the Current Year, the POD Partnership Received Revenues of $200,000

question 21

Multiple Choice

In the current year, the POD Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities, and $20,000 as a distribution to partner Olivia.In addition, the partnership earned $6,000 of long-term capital gains during the year.Partner Donald owns a 50% interest in the partnership. How much income must Donald report for the tax year?

• A)$68,000 ordinary income.
• B)$78,000 ordinary income.
• C)$65,000 ordinary income; $3,000 of long-term capital gains.
• D)$75,000 ordinary income; $3,000 of long-term capital gains.
• E)None of the above.

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Definitions:

Two-party Negotiation

A discussion aimed at reaching an agreement between two different parties or individuals.

Active Listening

The process of listening attentively while someone else speaks, paraphrasing and reflecting back what is said, and withholding judgment and advice.

Constructive Feedback

Feedback that is specific, targeted, and delivered with the intention of helping the recipient improve in a particular area or skill set.

Team Members

Individuals who are part of a group collaborating towards a common goal or project.