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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 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 2020 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 $ 570,000 228,000 38,500 12,700 2,600 186,000 208,800 93,000 93,000 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 $32,000. Calculate her ending adjusted tax basis in her partnership interest. Req A1 Req A2 Req B Reg C and D Calculate the partnership's ordinary (nonseparately stated) income. Ordinary income Req A1 Req A2 Req B Req C and D Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No". 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 Req A1 Req A2 ReqB Req C and D Calculate Jayanthi's allocable share of partnership items. Amount Ordinary income Long-term capital gain Nondeductible expenses Partnership distributions Req A1 Req A2 Req B Req C and D 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 $32,000. Calculate her ending adjusted tax basis in her partnership interest. Amount c. Total gross income d. Adjusted tax basis
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