Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2019, Charles received.

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Jul 17, 2022

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Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2019, Charles received.

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Charles is a 60% partner in CD Partnership, a calendar year
partnership. For 2019, Charles received a Schedule K-1 that reported his share
of partnership items as follows:

In addition, Charles and his wife, Charlene, had the
following items relating to activities outside the partnership:

Charles and Charlene have two dependent children, ages 7 and
9, and file a joint tax return. Calculate the following items for Charles and
Char lene. (Ignore the deduction for one-half of self-employment tax.)

a. Adjusted gross income (AGI)

b. Taxable income

c. Tax liability

d. Taxes due or refund

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