Cornell and Joe Are Equal Partners in Jones Company

question 14

Multiple Choice

Cornell and Joe are equal partners in Jones Company.For the current year,Jones reports the following items of income and expense: ​
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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Definitions:

Wilhelm Roentgen

The German physicist who discovered X-rays in 1895, an achievement for which he was awarded the first Nobel Prize in Physics in 1901.

X-rays

A form of electromagnetic radiation with wavelengths shorter than ultraviolet light, capable of penetrating solids and used in medical imaging.

Discovered

The act of finding or uncovering something that was previously unknown or hidden.

Electroplating

The act of depositing the atoms of one type metal onto another.