Business
Business, 20.11.2019 22:31, cxbelle

Jayanthi and krish each own a 50 percent general partner interest in the jk partnership. the following information is available regarding the partnership's 2018 activities: sales revenue $ 560,000 selling expenses 224,000 depreciation expense 42,750 long-term capital gain 13,900 nondeductible expenses 3,000 partnership debts, beginning of the year 124,000 partnership debts, end of the year 147,900 partnership distributions jayanthi 62,000 krish 62,000 a-1. calculate the partnership’s ordinary (nonseparately stated) income. a-2. indicate which items must be separately stated by selecting "yes" and which items must not be separately stated by selecting "no". b. calculate jayanthi’s allocable share of partnership items. c. if jayanthi has no other sources of taxable income, what is her total gross income for 2018? d. at the beginning of the year, jayanthi’s adjusted tax basis in her partnership interest was $46,250. calculate her ending adjusted tax basis in her partnership interest.

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Jayanthi and krish each own a 50 percent general partner interest in the jk partnership. the followi...

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