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Below are the books for Regina and Brad's partnership. Rachel is a 50% general partner in partnership capital, profitz, and losses. a. Compute Ordinary Income
Below are the books for Regina and Brad's partnership. Rachel is a 50% general partner in partnership capital, profitz, and losses. a. Compute Ordinary Income for the Partnership. List and Label each item in your calculation for full points. (6pts) b. List the items (description and amount) from the above information that Rachel ( 50% owner) must report on her 1040. (8pts) c. What is the amount of Rachel's earnings that are subject to self-employment tax assuming this is her only business income? List them and the amount for full points. (6pts) d. What is Rachel's tentative Qualified Business Income? (1pt) e. What is Rachel's tentative Qualified Business Income Deduction? (1pt)
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