napter 20 Omework Assignment i Saved Help Save & Exit Submit 13 Check my work The partnership agreement of the G&P gener
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napter 20 Omework Assignment i Saved Help Save & Exit Submit 13 Check my work The partnership agreement of the G&P gener
question by entering your answers in the tabs below. Reg AT Reg A2 How much ordinary income (loss) is allocated to Gary for the year? (Round your intermediate computations to the nearest whole dollar amino CS < Prev 13 14 15 of 29 Next > Mc Graw Hill
napter 20 Omework Assignment i Saved Help Save & Exit Submit 13 Check my work The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $15,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Part 1 of 3 3.44 paints Sales revenue $ 89,500 Gain on sale of land ($1231) 7,850 Cost of goods sold (45,700) Depreciation-MACRS (14,400) Employee wages (20,900) Cash charitable contributions (3,700) Municipal bond interest 3,700 Other expenses (4,800) (Negative amounts should be indicated by a minus sign.) Book Hint Print Problem 20-61 Part a (Algo) References a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self- employment income (loss) Complete this