JESSICIA IS A 25 % PARTNER IN THE JRL PARTNERSHIP. ON JANUARY 1, JRL DISTRIBUTES $40,000 CASH TO JESSICIA.

JRL HAS NO HOT ASSETS OR LIABILITIES AT THE DATE OF THE DISTRIBUTION.

JESSICA'S BASIS IN JRL IS $28,000.

WHAT IS THE AMOUNT AND CHARACTER OF JESSICA'S (GAIN OR LOSS) FROM THE DISTRIBUTION?

MULTIPLE CHOICE

1. $0
2. $12,000 ORDINARY INCOME
3. $12,000 CAPITOL LOSS
4. $12,000 CAPITOL GAIN

What has caroline's payment history been like? support your answer with two examples

Sam and diane are completing their federal income taxes for the year and have identified the amounts listed here. how much can they rightfully deduct? • agi: $80,000 • medical and dental expenses: $9,000 • state income taxes: $3,500 • mortgage interest: $9,500 • charitable contributions: $1,000.

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.