How must household report these results to sandi and jodie

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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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