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GD Inc. is a general partnership with two 50% partners, Greg and Dana. Each contributed...

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Accounting

GD Inc. is a general partnership with two 50% partners, Greg and Dana. Each contributed $40,000 for their initial stake in the partnership. During the first year, the partnership records non-separately stated income of $30,000, tax exempt interest of $10,000, and accumulates $12,000 of debt. The partnership also distributes $3,000 cash to each partner during the year (i.e., $6,000 total). On how much income will each partner owe tax this year?
Group of answer choices
$20,000
$15,000
$14,000
$3,000

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