Assume the same facts as in Problem 16. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is Amy required to make? 

Data From Problem 16

Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is the managing member of the LLC (treated as a general partner) and is a U.S. citizen. At the beginning of the current tax year, Amy’s capital account has a balance of $300,000, and the LLC has recourse debts of $200,000 payable to unrelated parties. All partnership recourse debt is shared equally between the partners. 

Ordinary income......................................................$ 900,000 

W–2 wages to employees.........................................200,000 

Depreciation expense...............................................300,000 

Interest income from P & G bond..............................4,000 

Long-term capital loss.................................................6,000 

Short-term capital gain.............................................12,000 

Charitable contribution..............................................4,000 

Cash distribution to Amy............................................20,000 

Unadjusted basis of partnership depreciable property......1,600,000