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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 partnerships 2016 activities:
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2016 activities:
Sales revenue | $ | 500,000 |
Selling expenses | 200,000 | |
Depreciation expense | 30,000 | |
Long-term capital gain | 9,000 | |
Nondeductible expenses | 2,000 | |
Partnership debts, beginning of the year | 100,000 | |
Partnership debts, end of the year | 120,000 | |
Partnership distributions | ||
Jayanthi | 50,000 | |
Krish | 50,000 | |
a. Complete Schedule K, Form 1065, for the partnership.
b. Complete Schedule K-1, Form 1065, for Jayanthi.
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