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Hoki Pokl, a cash-method general partnership, recorded the following items for its current tax year: Rental real estate income Sales revenue $1245 recapture income Interest
Hoki Pokl, a cash-method general partnership, recorded the following items for its current tax year: Rental real estate income Sales revenue $1245 recapture income Interest income Cost of goods sold Depreciation-MACRS Supplies expense Employee wages Investment interest expense Partner's medical insurance premiums paid by Hoki Poki $ 8, eee $ 82,eee $ 2, eee $ 2,000 $(33,eee) $(20,000) $ (3,eee) $(19,000) $(20,000) $ (6,eee) As part of preparing Hoki Poki's current-year return, Identify the items that should be included in computing its ordinary business Income (loss) and those that should be separately stated. (Hint: See Schedule K-1 and related preparer's Instructions at www.lrs.gov.] If you determine an item to be an ordinary Income Item, Include the amount to be able to calculate ordinary Income. (Negative amounts should be entered with a minus sign. Leave no answer blank. Enter zero If applicable.) Answer is complete but not entirely correct. Ordinary Income Amount s 8,000 82,000 Rental real estate income Sales revenue $1245 recapture income 2,000 Interest income Included in Ordinary Income or Separately stated separately stated included in ordinary income included in ordinary income separately stated included in ordinary income included in ordinary income included in ordinary income included in ordinary income separately stated 2,000 Cost of goods sold (33.000) Depreciation-MACRS (20.000) Supplies expense (3.000) Employee wages (19.000) Investment interest expense (20,000) X >> Partner's medical insurance premiums paid by Hoki Poki included in ordinary income (6.000) (7,000) Ordinary income $
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