(Answered) Question ray and arnold form ra partnership by contributing

Accounting

Question: Ray and Arnold form RA Partnership by contributing $50,000 each for a 50% interest and taking out a working capital loan in the amount of $25,000. In the current year, RA Partnership has gross income of $115,000, operating expenses of $95,000, and distributes $5,000 each to Ray and Arnold.

Ray is single and qualifies for one exemption. Ray does not itemize and has other ordinary income of $215,000. Determine Ray's tax liability for the current year, excluding self-employment taxes.

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