Mom and Pop Partnership had the following results during the taxable year:Income from operations $100,000 lossCapital gain from sale of land 25,000Charitable contributions 10,000Junior, a 50% partner, had an adjusted basis of $40,000 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Junior should report which of the following amounts?
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1 .Charitable contributions subject to the 50-percent limit that are not fully deductible in the year made may be:
A Neither carried back nor carried forward. B Carried forward indefinitely until fully deducted. C Carried back two years or carried forward twenty years. D Carried forward five years.
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A $0 B $3,000 loss C $15,000 loss D $3,000 gain
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A $5,000 B $500 C $9,250 D $0
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