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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 $ 820,000 328,000 36,750 17,100 2,050 110,000 132, 100 55,000 55,000 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? Req A1 Reg A2 Reg B Reg C Calculate the partnership's ordinary (nonseparately stated) income. Ordinary income Reg A1 Reg A2 Req B Reg C 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 Reg A1 Reg A2 Reg B Reg C Calculate Jayanthi's allocable share of partnership items. Amount Ordinary income Reg A1 Req A2 Reg B Reqc C. If Jayanthi has no other sources of taxable income, what is her total gross income for 2020? Amount c. Total gross income
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