Solution-How must household report these results to sandi

How must household report these results to sandi and jodie

Reference no: EM131784388

Sandi and Jodie are partners who operate Household Humanities. Sandi owns 60% and Jodie owns 40% of Household. During the current year, Household has the following results:

Revenues	$165,000
Operating expenses	45,000
Sandi's salary	50,000
Jodie's salary	45,000
Municipal bond interest income	3,000
Long-term capital loss	30,000
Charitable contributions	10,000

a. How must Household report these results to Sandi and Jodie? Show calculations.

b. Sandi is a head of household with two dependent children (ages 17 and 18). She has $19,000 of other income, which includes a $6,000 short-term capital gain. Sandi has $16,750 of other allowable itemized deductions. Calculate Sandi's taxable income and income tax liability.

Reference no: EM131784388

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How must household report these results to sandi and jodie

Reference no: EM131784388

Reference no: EM131784388

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