Question
Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains,
Georgio owns a 30 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 | $ | 81,750 | |
| Gain on sale of land (1231) | $ | 18,900 | |
| Cost of goods sold | $ | (37,500 | ) |
| DepreciationMACRS | $ | (5,900 | ) |
| 179 deduction* | $ | (13,800 | ) |
| Employee wages | $ | (17,900 | ) |
| Fines and penalties | $ | (3,700 | ) |
| Municipal bond interest | $ | 6,400 | |
| Short-term capital gains | $ | 3,950 | |
| Guaranteed payment to Sandra | $ | (5,000 | ) |
*Assume the 179 property placed in service limitation does not apply.
a. How much ordinary business income (loss) is allocated to Georgio for the year?
b. What are Georgios separately stated items for the year?
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Crypto Technical Analysis It S More Than A Chart
Authors: Charles G. Koonitz
1st Edition
1989118690, 978-1989118696
