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Ben and Jack Partnership had the following results during the taxable year: Income from operations...

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Accounting

Ben and Jack Partnership had the following results during the taxable year: Income from operations Capital Gain from Sale of land Charitable Contributions ($110,000) Loss 25,000 10,000 Kelly, a 50 percent partner, had an adjusted basis of $42,500 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Kelly should report which of the following amounts? a. Ordinary Loss Capital Gain $47,500 $12,500 Charitable Contributions $5,000 Ob. Ordinary Loss Capital Gain Charitable Contributions $55,000 $12,500 $5,000 c. Ordinary Loss Capital Gain Charitable Contributions $40,000 $12,500 $5,000 Od. Ordinary Loss $50,000 Capital Gain $12,500 Charitable Contributions $5,000

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