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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2017 activities
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2017 activities $ 500,000 200,000 30,000 9,000 2,000 100,000 120,000 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 50,000 50,000 a. Complete Schedule K, Form 1065, for the partnership b. Complete Schedule K-1, Form 1065, for Jayanthi
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