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help asap [The following information applies to the questions displayed below.] The partnership agreement of the G&P general parthership states that Gary will recelve a
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[The following information applies to the questions displayed below.] The partnership agreement of the G\&P general parthership states that Gary will recelve a guaranteed payment of $11,000. and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G\&P parthership reports the following resuits: Required: -1. How much ordinary income (loss) is allocated to Gary for the year? 0.2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his selfemployment income (loss). Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K1, including his self-employment income (los5). Note: Round your intermediate computations and final answers to the nearest whole dollar amount. Required: a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income ( (loss). Complete this question by entering your answers in the tabs below. How much ordinary income (loss) is allocated to Gary for the year? Note: Round your intermediate computations to the nearest whole dollar amount Step by Step Solution
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