What amount of income would jason need to report

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Reference no: EM133474973

Question: Jason is a 50% partner in Jason's Jym, LLC. His basis in his partnership interest is $50,000 as of 1/1/2022. The schedule K for the partnership's 2022 tax year is listed below:

Schedule K Item	Schedule K Total
Ordinary Income	$100,000
Dividend Income	$50,000
Long-term capital gain	$20,000
Charitable Contributions	$50,000

What amount of income would Jason need to report on his 1040 based on his partnership earnings? Explain which portion of this would be ordinary income or deduction and which portion would be capital gain or loss. What would his new basis in the partnership be at the end of the year?

Reference no: EM133474973

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