Tom, Dick, and Harry Operate Quality Stores By How Much Will Tom's Adjusted Gross Income Increase Because

Multiple Choice

Tom, Dick, and Harry operate Quality Stores. Based on advice from Tom's sister, a CPA, the three form a partnership. Tom owns 50%; Dick and Harry each own 25%. For the year, Quality Stores reports the following:
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$$\begin{array} { l r } \text { Sales revenues } & \$ 800,000 \\\text { Business expenses } & ( 440,000 ) \\\text { Charitable Contributions } & ( 4,000 ) \\\text { Short-term capital gains } & 26,000 \\\text { Long-term capital losses } & ( 14,000 ) \\\text { Taxable income } & \$ 368,000\end{array}$$
By how much will Tom's adjusted gross income increase because of the above?

A) $178,000
B) $180,000
C) $183,000
D) $184,000
E) $186,000