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Scenario Craft Beer Brewing Partnership Revenues 681,000 ...

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Question

Accounting

Scenario

Craft Beer Brewing Partnership

Revenues

681,000

Office Rent

28,000

COGS

198,000

Salaries

238,000

ST Gain on Sale of Stock

100,000

LT Loss on Sale of Stock

500,000

Contributions to Charities

60,000

Investment Expenses

6,000

Friends Dan and Lisa are each partners in the beer brewing partnership above.

Dan owns 3%

Lisa owns 6%

Additional Information about Dan (not including partnership info)

Married, 1 child

Wages from job = $18,000

Wages from wifes job = $31,000

Additional Information about Lisa (not including partnership info)

Single, no children

Wages from job = 130,000

Sold stock held LT at a gain of 25,000

Paid state taxes of 8,900

Paid qualified mortgage interest of 10,000

1. By how much does Dans AGI increase because of the partnership activities?

2. By how much does Lisas taxable income decrease because of the partnership activities?

Answer & Explanation Solved by verified expert
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