Question
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2021 activities:
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2021 activities:
Sales revenue $ 500,000
Selling expenses 200,000
Depreciation expense 30,000
Long-term capital gain 9,000
Nondeductible expenses 2,000
Partnership debts, beginning of the year 100,000
Partnership debts, end of the year 120,000
Partnership distributions Jayanthi 50,000
Krish 50,000
Required: Complete Schedule K, Form 1065, for the partnership.
Complete Schedule K-1, Form 1065, for Jayanthi. Please show the sections of the K and K-1 form filled in.
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