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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 2019 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 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 $665,000 266,000 53,000 11,700 600 158,000 181,000 79,000 79,000 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 2019? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $53,750. Calculate her ending adjusted tax basis in her partnership interest. Reg A1 Req A2 ReqB ReqC and D Calculate the partnership's ordinary (nonseparately stated) income. Ordinary income Req A1 Reg A2 Req B Req C and D Indicate which items must be separately stated by selecting "Yes" and which "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 Reg A1 Reg A2 ReqB Reg C and D Calculate Jayanthi's allocable share of partnership items. Amount $ 345,400 Ordinary income Long-term capital gain Long-term capital gain Nondeductible expenses Partnership distributions Req A1 Reg A2 Reg B Req C and D c. If Jayanthi has no other sources of taxable income, what is her tot d. At the beginning of the year, Jayanthi's adjusted tax basis in her pa adjusted tax basis in her partnership interest. Amount c. Total gross income d. Adjusted tax basis
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