KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant Section 1231 loss on equipment sale Charitable contribution Distributions to partners $ 670,000 (460,000) (96,800) (6,240) (13,500) (1,500) (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. Required: a. Compute Mr. Ty's share of partnership ordinary income and separately stated items. b. If Mr. Ty's adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN's debt did not change during the year. c. How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Mr. Ty's share of partnership ordinary income and separately stated items. Note: Negative amounts should be indicated by a minus sign. Ordinary business income Separately stated items: Cash distribution Charitable contribution Section 1231 loss on equipment sale Nondeductible expense Amount Operating expenses Business meals not provided by a restaurant Section 1231 loss on equipment sale Charitable contribution Distributions to partners (96,800) (6,240) (13,500) (1,500) (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. Required: a. Compute Mr. Ty's share of partnership ordinary income and separately stated items. b. If Mr. Ty's adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN's debt did not change during the year. c. How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Complete this question by entering your answers in the tabs below. Required A Required B Required C If Mr. Ty's adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN's debt did not change during the year. Note: Negative amounts should be indicated by a minus sign. Mr. Ty's adjusted basis at beginning of year Ordinary business income Adjustments: Cash distribution Charitable contribution Nondeductible expense Section 1231 loss Mr. Ty's adjusted basis at end of year $ Amount KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant Section 1231 loss on equipment sale Charitable contribution Distributions to partners $ 670,000 (460,000) (96,800) (6,240) (13,500) (1,500) (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. Required: a. Compute Mr. Ty's share of partnership ordinary income and separately stated items. b. If Mr. Ty's adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN's debt did not change during the year. c. How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Complete this question by entering your answers in the tabs below. Required A Required B Required C How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Adjusted basis increases by