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i Data Table $ 279,000 19,000 10,000 2,000 22,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Carl six years ago when its basis was $9,500 and its FMV was $16,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds 40,000 30,000 3,000 8,000 32,000 16,000 25,000 16,000 7,000 Print Done Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Carl Low-income housing expenditures qualifying for credit 16,000 7,000 55,000 16,000 Print Done More Info X The partnership received a $700 prepayment of rent for next year but has not recorded it as income for financial accounting purposes. The partnership recorded the land for financial accounting purposes at $16,000. MACRS depreciation on the rental real estate and machinery and equipment were $16,000 and $28,000, respectively, in the current year. MACRS depreciation for the rental real estate includes depreciation on the low-income housing expenditures. Print Done The following additional information is available about the current year's activities. A (Click the icon to view the additional information.) Carl, Amy, and Roger are equal partners in the CAR Partnership, which uses the accrual method of accounting. All three materially participate in the business. CAR reports financial accounting income of $320,000 for the current year. The partnership used the following information to determine financial accounting income. Click the icon to view the information.) Read the requirements. Requirement a. What is CAR's financial accounting income? CAR's financial accounting income is Requirements b, c, and d. What is CAR's partnership taxable income? What is CAR's ordinary income (loss)? What are CAR's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Enter any number in the edit fields and then continue to the next question. ? Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low-income housing expenditures Total Enter any number in the edit fields and then continue to the next question. i Data Table $ 279,000 19,000 10,000 2,000 22,000 Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment (contributed by Carl six years ago when its basis was $9,500 and its FMV was $16,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds 40,000 30,000 3,000 8,000 32,000 16,000 25,000 16,000 7,000 Print Done Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Carl Low-income housing expenditures qualifying for credit 16,000 7,000 55,000 16,000 Print Done More Info X The partnership received a $700 prepayment of rent for next year but has not recorded it as income for financial accounting purposes. The partnership recorded the land for financial accounting purposes at $16,000. MACRS depreciation on the rental real estate and machinery and equipment were $16,000 and $28,000, respectively, in the current year. MACRS depreciation for the rental real estate includes depreciation on the low-income housing expenditures. Print Done The following additional information is available about the current year's activities. A (Click the icon to view the additional information.) Carl, Amy, and Roger are equal partners in the CAR Partnership, which uses the accrual method of accounting. All three materially participate in the business. CAR reports financial accounting income of $320,000 for the current year. The partnership used the following information to determine financial accounting income. Click the icon to view the information.) Read the requirements. Requirement a. What is CAR's financial accounting income? CAR's financial accounting income is Requirements b, c, and d. What is CAR's partnership taxable income? What is CAR's ordinary income (loss)? What are CAR's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Stated Items Income Income Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Enter any number in the edit fields and then continue to the next question. ? Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low-income housing expenditures Total Enter any number in the edit fields and then continue to the next