Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current...

Transcribed Image Text:

Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (51231) Cost of goods sold. Depreciation-MACRS $179 deduction* Employee wages Nondeductible fines and penalties Municipal bond interest Short-term capital gains Guaranteed payment to Sandra $ 75,250 11,400 (40,500) (7,800) (10,700) (16,000) (4,700)) 7,400 5,850 (3,250) *Assume the $179 property placed in service limitation does not apply. b. What are Georgio's separately stated items for the year? Description Total Amount Allocated to Georgio Separately Stated Items on Schedule K-1:1 Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (51231) Cost of goods sold. Depreciation-MACRS $179 deduction* Employee wages Nondeductible fines and penalties Municipal bond interest Short-term capital gains Guaranteed payment to Sandra $ 75,250 11,400 (40,500) (7,800) (10,700) (16,000) (4,700)) 7,400 5,850 (3,250) *Assume the $179 property placed in service limitation does not apply. b. What are Georgio's separately stated items for the year? Description Total Amount Allocated to Georgio Separately Stated Items on Schedule K-1:1