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Can you help me with a-1 and a-2? Thank you ! Check my work View previous attempt 22 [The following information applies to the questions
Can you help me with a-1 and a-2? Thank you !
Check my work View previous attempt 22 [The following information applies to the questions displayed below] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $12,000, 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: 0.38 points Sales revenue Gain on sale of land (S1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses 77,500 $ 7,000 (48,000) (17,100) (13,900) (5,200) $ 3,300 (5,700) eBook Print References (Negative amounts should be indicated by a minus sign.) 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)Step by Step Solution
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