Donna does not think she has an income tax problem but would like to discuss...
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Accounting
Donna does not think she has an income tax problem but would like to discuss her situation with you just to make sure there is no unexpected tax liability. Base your suggestions on the following relevant financial information:
a. Donnas share of the SAT Partnership income is $150,000, but none of the income can be distributed because the partnership needs the cash for operations.
b. Donnas Social Security benefits totaled $8,400, but Donna loaned the cash received to her nephew.
c. Donna assigned to a creditor the right to collect $1,200 of interest on some bonds she owned.
d. Donna and her husband lived together in California until September, when they separated. Donna has heard rumors that her husband had substantial gambling winnings since they separated.
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