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Jayanthi and Krish each own a 5 0 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2
Jayanthi and Krish each own a percent general partner interest in the JK Partnership. The following information is available regarding the partnership's activities:
Sales revenue$
Selling expenses
Depreciation expense
Longterm capital gainNondeductible expenses
Partnership debts, beginning of the year
Partnership debts, end of the yearPartnership distributions
Jayanthi
Krish
Required:a Calculate the partnerships ordinary nonseparately stated income.a Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting Nob Calculate Jayanthis allocable share of partnership items.c If Jayanthi has no other sources of taxable income, what is her total gross income for d At the beginning of the year, Jayanthis adjusted tax basis in her partnership interest was $ Calculate her ending adjusted tax basis in her partnership interest.
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