Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments X Times New... 12 ' ' A A.P.Ar A B I Styles Stylos Pana Dictate Sensitivity Schedule K1 due 0623, 2.5 points Please refer to the multiple-choice solution below. The partnership tax return is Form 1065, but this is not what this question is about. Each partner gets a Schedule K-1 from the partnership which is the income allocated to the partner. Choose one of the partners (Murray or Parker) and prepare a Schedule K-1 based on the information provided (please find the Schedule on Google). You must include the name of the partnership, the name of the partner, the three items that must be reported separately, and ordinary income. Section 1231 loss is similar to capital loss but has its own line (I cover Section 1231 in ACCT 3101). [6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $ 7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must be reported separately) should each partner report in his or her individual income tax return for the current year? A. $47,900 B. $48,000 C. $50,000 D. $53,900