Drake and Josh are equal partners in Boomer, LLC, an entity taxed as a partnership.  The Boomer LLC agreement provides that all allocations of income, gain, loss, and deduction are to be made 60-40 between Drake(60%) and Josh(40%).  Boomer sells and repairs rollers skates.  Boomer had the following items of income and expense for its taxable year ended December 31, 2021.

 

Gross receipts from roller skate sales  $420,000

Gross receipts from roller skate repairs $  23,000

Cost of goods sold $78,000

Depreciation(MACRS depreciation 4,000) $  20,000

Salaries (employees) $67,000

Insurance (non-partners) $  20,000

Utility expenses $  12,000

Gain from the sale of equipment (held 4 years)

Section 1245 gain (recapture) $  16,000

Section 1231 gain  $    3,000

Dividends paid by U.S. corporation $  12,000

Charitable contributions $    5,000

Tax-exempt interest income $    1,000

Long-term capital gain  $  16,400

Long-term capital Loss  $    12,300

Short-term capital loss  $    45,000

Short-term capital gain  $  27,200

 

1. Which items must be separately stated? 

 

1. Which items are not separately stated?