Question
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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