Bryan and Gayle are equal partners in BG Partnership. The partnership reports the following items of income
Question:
Ordinary income from operations $13,000
Interest income 5,000
Long-term capital gains 23,000
§179 expense 55,000
Charitable contributions 3,000
a. Which of these items are considered separately stated items? On what form will these items be reported to the partners?
b. Where will these amounts be reported by the partners?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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