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

Question

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

Quizplus · Accepted Answer

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:  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