Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: 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 $ 500,000 200,000 30,000 9,000 2,000 100,000 120,000 50,000 50,000 Required: a. Complete Schedule K, Form 1065, for the partnership. b. Complete Schedule K-1, Form 1065, for Jayanthi. Complete this question by entering your answers in the tabs below. Schedule K Part a Schedule K1 Part b Complete Schedule K, Form 1065, for the partnership. (Input all the values as positive numbers.) Schedule K Total amount 500,000 2 3b 300,000 0 Partners' Distributive Share Items 1 Ordinary business income (loss)(page 1, line 22) 2 Net rental real estate income (loss)(attach Form 8825) 3a Other gross rental income (loss) b Expenses from other rental activities (attach statement) c Other net rental income (loss). Subtract line 3b from line 3a 4 Guaranteed payments 5 Interest income 6 Dividends: a Ordinary dividends b Qualified dividends 3C 300,000 5 Income (Loss) 6b 0 5 0 6b 7 8 300,000 9 9b 9c 10 11 12 13a 13b 13c(2) 13d (2) Amount 14a 14b 14c 15a 5 Interest income ncome (Loss) 6 Dividends: a Ordinary dividends b Qualified dividends 7 Royalties 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) b Collectibles (28%) gain (loss) c Unrecaptured section 1250 gain (attach statement) 10 Net section 1231 gain (loss) (attach Form 4797) 11 Other income (loss)(see instructions) Type : 12 Section 179 deduction (attach Form 4562) 13a Contributions Deductions b Investment interest expense C Section 59(e)(2) expenditures: (1) Type d Other deductions (see instructions) Type 14a Net earnings (loss) from self-employment Self-Employment b Gross farming or fishing income C Gross nonfarm income 15a Low-income housing credit (section 420)(5)) bLow-income housing credit (other) Credits Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) d Other rental real estate credits (see instructions) Type - Other rental credits (see instructions) Type - f Other credits (see instructions) Type : 16a Name of country or U.S. possession Gross income from all sources Gross income sourced at partner level Foreign gross income sourced at partnership level d Passive category e General category Foreign Deductions allocated and apportioned at partner level Transactions 9 Interest expense h Other Deductions allocated and apportioned at partnership level to foreign source income i Passive category i General category 1 Total foreign taxes (check one): Paid Accrued m Reduction in taxes available for credit (attach statement) n Other foreign tax information (attach statement) 17a Post-1986 depreciation adjustment Alternative b Adjusted gain or loss Minimum Tax C Depletion (other than oil and gas) 15b 15c 150 15e e 15f b 16b 16c f Other 16f 16h k Other 16k 161 16m 17a 17b 170 Alternative Minimum Tax (AMT) Items 17a Post-1986 depreciation adjustment D Adjusted gain or loss Depletion (other than oil and gas) d Oil, gas, and geothermal propertiesgross income e Oil, gas, and geothermal propertiesdeductions f Other AMT items (attach statement) 18a Tax-exempt interest income b Other tax-exempt income c Nondeductible expenses 19a Distributions of cash and marketable securities b Distributions of other property 20a Investment income b Investment expenses Other items and amounts (attach statement) 17a 17b 17c 17d 17e 171 18a 18b 18C 19a 19b 20a 20b Other Information Form 1065 (2019) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2020 McGraw-Hill Education. Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: 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 $ 500,000 200,000 30,000 9,000 2,000 100,000 120,000 50,000 50,000 Required: a. Complete Schedule K, Form 1065, for the partnership. b. Complete Schedule K-1, Form 1065, for Jayanthi. Complete this question by entering your answers in the tabs below. Schedule K Part a Schedule K1 Part b Complete Schedule K, Form 1065, for the partnership. (Input all the values as positive numbers.) Schedule K Total amount 500,000 2 3b 300,000 0 Partners' Distributive Share Items 1 Ordinary business income (loss)(page 1, line 22) 2 Net rental real estate income (loss)(attach Form 8825) 3a Other gross rental income (loss) b Expenses from other rental activities (attach statement) c Other net rental income (loss). Subtract line 3b from line 3a 4 Guaranteed payments 5 Interest income 6 Dividends: a Ordinary dividends b Qualified dividends 3C 300,000 5 Income (Loss) 6b 0 5 0 6b 7 8 300,000 9 9b 9c 10 11 12 13a 13b 13c(2) 13d (2) Amount 14a 14b 14c 15a 5 Interest income ncome (Loss) 6 Dividends: a Ordinary dividends b Qualified dividends 7 Royalties 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) b Collectibles (28%) gain (loss) c Unrecaptured section 1250 gain (attach statement) 10 Net section 1231 gain (loss) (attach Form 4797) 11 Other income (loss)(see instructions) Type : 12 Section 179 deduction (attach Form 4562) 13a Contributions Deductions b Investment interest expense C Section 59(e)(2) expenditures: (1) Type d Other deductions (see instructions) Type 14a Net earnings (loss) from self-employment Self-Employment b Gross farming or fishing income C Gross nonfarm income 15a Low-income housing credit (section 420)(5)) bLow-income housing credit (other) Credits Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) d Other rental real estate credits (see instructions) Type - Other rental credits (see instructions) Type - f Other credits (see instructions) Type : 16a Name of country or U.S. possession Gross income from all sources Gross income sourced at partner level Foreign gross income sourced at partnership level d Passive category e General category Foreign Deductions allocated and apportioned at partner level Transactions 9 Interest expense h Other Deductions allocated and apportioned at partnership level to foreign source income i Passive category i General category 1 Total foreign taxes (check one): Paid Accrued m Reduction in taxes available for credit (attach statement) n Other foreign tax information (attach statement) 17a Post-1986 depreciation adjustment Alternative b Adjusted gain or loss Minimum Tax C Depletion (other than oil and gas) 15b 15c 150 15e e 15f b 16b 16c f Other 16f 16h k Other 16k 161 16m 17a 17b 170 Alternative Minimum Tax (AMT) Items 17a Post-1986 depreciation adjustment D Adjusted gain or loss Depletion (other than oil and gas) d Oil, gas, and geothermal propertiesgross income e Oil, gas, and geothermal propertiesdeductions f Other AMT items (attach statement) 18a Tax-exempt interest income b Other tax-exempt income c Nondeductible expenses 19a Distributions of cash and marketable securities b Distributions of other property 20a Investment income b Investment expenses Other items and amounts (attach statement) 17a 17b 17c 17d 17e 171 18a 18b 18C 19a 19b 20a 20b Other Information Form 1065 (2019) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2020 McGraw-Hill Education