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

Question

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The Answer of 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

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