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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 2020
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 Selling Expenses $500,000 200,000 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 Krish 50,000 50,000 a. Calculate the partnership's ordinary (nonseparately stated) income, and indicate which items must ne separately stated. b. a. 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? dAt the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $25,000. Calculate her ending adjusted tax basis in her partnership interest.
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