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 $ 70,000 Gain on sale of land ($1231) 11,000 Cost of goods sold (26,000) Depreciation-MACRS (3,000) $179 deduction* (10,000) Employee wages (11,000) Nondeductible fines and penalties (3,000) Municipal bond interest 6,000 Short-term capital gains 4,000 Guaranteed payment to Sandra (3,000) *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: $1231 gains $179 deduction Cost of goods sold Depreciation-MACRS