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I input ordinary business income $300,000 and $170,000and still wrong Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership.

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I input ordinary business income $300,000 and $170,000and still wrong

Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: Sales revenue Selling expenses Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, end of the year Partnership distributions Jayanthi Krish $ 500,000 200,000 30,000 9, eee 2,000 100,000 120,000 50,000 50,000 Required: a. Complete Schedule K, Form 1065, for the partnership. b. Complete Schedule K-1. Form 1065, for Jayanthi. Complete this question by entering your answers in the tabs below. Schedule K Part a Schedule K1 Part b Complete Schedule K-1, Form 1065, for Jayanthi. (Input all the values as positive numbers.) OMB No. Final K-1 Amended K-1 2010 Part III Partner's Share of Current Year Income, MALLE Part a Part b Complete Schedule K, Form 1065, for the partnership. (Input all the values as positive numbers.) Total amount 1 170,000 2 300,000 3b 30 300,000 4 5 6a 6b 7 8 300,000 9 9b Schedule K Partners' Distributive Share Items 1 Ordinary business income (loss) (page 1. line 22) 2 Net rental real estate income (loss)(attach Form 8825) 3a Other gross rental income (loss) b Expenses from other rental activities (attach statement) C Other net rental income (loss). Subtract line 3b from line 3a 4 Guaranteed payments 5 Interest income Income (Loss) 6 Dividends: a Ordinary dividends b Qualified dividends 7 Royalties 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) b Collectibles (28%) gain (loss) C Unrecaptured section 1250 gain (attach statement) 10 Net section 1231 gain (loss)(attach Form 4797) 11 Other income (loss)(see instructions) Type - 12 Section 179 deduction (attach Form 4562) 13a Contributions Deductions b Investment interest expense Section 59(E)(2) expenditures (1) Type d Other deductions (see instructions) Type - 14a Net earnings (loss) from self-employment Self-Employment b Gross farming or fishing income Gross nonfarm income 15a Low-income housing credit (section 42(1)(5)) b Low-income housing credit (other) Credits Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) Other rental real estate credits (see instructions) Type : 9c 10 100,000 11 12 30,000 (2) Amount 13a 13b 130(2) 13d 14a 14b 140 130,000 C 15a 15b 150 15d d BU Part a Part b Complete Schedule K-1, Form 1065, for Jayanthi. (Input all the values as positive numbers.) Final K-1 Amended K-1 OMB No. 1545-0123 2019 Schedule K-1 (Form 1065) Department of the Treasury Internal Revenue Service Part III Partner's Share of Current Year Income, Deductions, Credits, and Other Items 1 Ordinary business income (loss) 135,000 15 Credits For calendar year 2019, or tax year beginning ending 2019 2 Net rental real estate income (loss) 3 Other net rental income (loss) 16 Foreign transactions Partner's Share of Income, Deductions, Credits, etc. See back of form and separate instructions. Partl Information About the Partnership Partnership's employer identification number 4 Guaranteed payments A 5 Interest income B Partnership's name, address, city, state, and ZIP code 6 Ordinary dividends JK Partnership 6b Qualified dividends 7 Royalties IRS Center where partnership filed return 8 Net short-term capital gain (loss) D Check if this is a publicly traded partnership (PTP) 17 Alternative minimum tax (AMT) items 9 Part II Information About the Partner Partner's identifying number Net long-term capital gain (loss) 4,500 Collectibles (28%) gain (loss) E 9b F Partner's name, address, city, state, and ZIP code 9c Unrecaptured section 1250 gain Next

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