Gramma Partnership is owned 50% by Mimi (an individual with basis in partnership at the beginning of 2019 of $50,000), and 50% by Yia Yia (an individual with basis in partnership at the beginning of 2019 of $50,000). Gramma Partnership has no debts. For 2019, Grammas activities consist of the following items:

Gross Revenue $500,000

Dividends Received 60,000 (from 10% owned corp)

LTCG 5,000

STCL 1,000

Cost of Goods Sold 210,000

Guaranteed Payments 14,000 ($7,000 to Mimi, $7,000 to Yia Yia)

Admin Expense 100,000

Charitable Contributions 20,000

Distributions to Partners 100,000 ($50,000 to Mimi, $50,000 to Yia Yia)

1. Compute Gramma Partnerships ordinary business income for 2019.
2. Specifically identify Gramma Partnerships separately stated items for 2019.
3. What is the amount of income and deduction items that Mimi will consider for her individual income tax return as a result of Grammas activities?
4. How much of Mimis income from Gramma Partnership will be subject to SE tax?
5. What is Mimis basis in her partnership interest at 12/31/19?