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: 3-1. 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 bosis in her partnership interest was $25,000. Calculate her ending adjusted tax basis in her partnership interest Complete this question by entering your answers in the tabs below. Reg A1 Req A2 ReqB Reg C and D Calculate Jayanthi's allocable share of partnership items. Amount Oru nama 3 Depreciation expense Long-torn capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debta, and of the year Partnership distributions Jayanthi Xrish 30,000 9,000 2,000 100,000 120,000 4 points 50,000 50,000 eBook 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 $25,000 Calculate her ending adjusted tax basis in her partnership interest. Print References Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reg C and D Calculate Jayanthi's allocable share of partnership items. Amount Ordinary income w Saved Help Save & Chi Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, end of the year Partnership distributions Jayanthi Xrish 30,000 9.000 2,000 100,000 120,000 50,000 50,000 Required: --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 $25,000. Calculate her ending adjusted tax basis in her partnership interest Complete this question by entering your answers in the tabs below. Reg A1 Reg AZ Reg B Reg C and D 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 $25,000. Calculate her ending adjusted tax basis in her partnership interest Amount c. Total gross income d. Adjusted tax basis
