Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. The LLC does not need to report financial information to any third parties, so capital accounts are determined using tax rules (rather than GAAP). Amy is a managing member of the LLC (treated as a general partner) and is a U. S. person. At the beginning of the current year, Amy’s capital account has a balance of $300,000, and the LLC has debts of $200,000 payable to unrelated parties. The debts are recourse to the LLC but neither of the LLC members had personally guaranteed them. Assume that all LLC debt is shared equally between the partners. The following information about AM’s operations for the current year is obtained from the LLC’s records. Ordinary income $900,000
W-2 wages to employees 200,000
Depreciation expenses 300,000
Interest income 4,000
Short-term capital loss 6,000
Long term capital gain 12,000
Charitable contributions (cash) 4,000
Cash distribution to Amy 20,000
Unadjusted basis of partnership depreciable property 1,600,000

Year end LLC debt payable to unrelated parties is $140,000. Assume all transactions are reflected in her beginning capital and basis in the same manner. Assuming the same facts as above, what income, gains, losses and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is she required to make?