Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2020 activities:

Sales revenue $ 560,000

Selling expenses 224,000

Depreciation expense 42,750

Long-term capital gain 13,900

Nondeductible expenses 3,000

Partnership debts, beginning of the year 124,000

Partnership debts, end of the year 147,900

Partnership distributions Jayanthi 62,000

Krish 62,000

Required: a-1. Calculate the partnerships ordinary (nonseparately stated) income.

a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No".

b. Calculate Jayanthis allocable share of partnership items.

c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020?

d. At the beginning of the year, Jayanthis adjusted tax basis in her partnership interest was $46,250. Calculate her ending adjusted tax basis in her partnership interest.

Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2020 activities: required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No". b. Calculate Jayanthi's allocable share of partnership items. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020 ? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $46,250. Calculate her ending adjusted tax basis in her partnership interest. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020 ? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $46,250. Calculate her ending adjusted tax basis in her partnership interest. Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2020 activities: required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No". b. Calculate Jayanthi's allocable share of partnership items. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020 ? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $46,250. Calculate her ending adjusted tax basis in her partnership interest. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020 ? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $46,250. Calculate her ending adjusted tax basis in her partnership interest