In each of the following separate cases, determine how much income is to be taxed to each of the taxpayers involved:
a) Alpha Partnership is owned 60% by W and 40% by P, who agree to share profits according to their ownership ratios. For the current year, Alpha earned $12,000 in ordinary income. The partnership distribuend $3,000 to W and $2,000 to P.
b) Beta Trust is managed by T for the benefit of B. The trust is required to distribute all income currently. For the current year, Beta Trust had net ordinary income of $5,500 and made cash distributions to B of $7,000
c) Gamma Inc., a C corporation, is owned and operated by its two equal owners, H and K. This year the corporation, reported earned income--before any distributions to its owners---of $24,000. On May 4, the corporation declared a dividend, distributing $1,350 to H and $1,350 to K.