Question
Jason is a 50% partner in Jasons Jym, LLC. His basis in his partnership interest is $50,000 as of 1/1/2022. The Schedule K for the
Jason is a 50% partner in Jason’s Jym, LLC. His basis in his partnership interest is $50,000 as of 1/1/2022. The Schedule K for the partnership’s 2022 tax year is listed below:
Schedule K Item | Schedule K Total |
Ordinary Income | $100,000 |
Dividend Income | $50,000 |
Long-term capital gain | $20,000 |
Charitable Contributions | $50,000 |
What amount of income would Jason need to report on his 1040 based on his partnership earnings? Explain which portion of this would be ordinary income or deduction and which portion would be capital gain or loss. What would his new basis in the partnership be at the end of the year?
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Answer Notes Jason is a 501 partner in Jasons Jym LLC having partnership interest at the beginning o...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
