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QUESTION
1. Partnership XYZ X Y Z Gross Income 3,000,000 800,000 1,000,000 2,000,000 Expenses 900,000 200,000 500,000 800,000 Income Tax paid 100,000 80,000
1. Partnership
XYZ X Y Z
Gross Income 3,000,000 800,000 1,000,000 2,000,000
Expenses 900,000 200,000 500,000 800,000
Income Tax paid 100,000 80,000 150,000 none
Capital losses 120,000 20,000 300,000 none
X is a widower with 3 qualified dependent minor children, while Y is single with 5 illegitimated recognized minor children from different mothers and Z is single.
