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Carlos is a 50 percent partner in Ball Partnership. Carlos' tax basis in Ball on...

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Accounting

Carlos is a 50 percent partner in Ball Partnership. Carlos' tax basis in Ball on January 2, Year 1, was
$60,000. Ball did not have unrealized receivables, appreciated inventory, or properties that had
been contributed by its partners. On December 31, year 1, Ball made a $10,000 non-liquidating
cash distribution to each partner. The Ball Partnership income tax return reported the following
items for Year 1:
Tax-exempt interest income $80,000
Dividend income $12,000
What total amount of gross income from Ball should be included in Carlos' year 1 adjusted gross income?
a. $16,000
b. $6,000
c. $46,000
d. $36,000
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