Last December 31, Ramon sold the 20 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $560,000. Prior to selling his interest, Ramon's basis in Del Sol was $264,000, which included a $171,000 share of nonrecourse debt allocated to him. a. What is Garrett's tax basis in his partnership interest? Tax basis Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: $ 64,500 $ 3,900 $ (21,600) $ (4,500) $ (1,420) $ (17,100) $ (4,200) Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs Guaranteed payments to partners for general management Cash distributions to partners a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year? Ordinary income (loss) b. What are Turtle Creek's separately stated items for the year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) |Sales revenue Long-term capital gains |Cost of goods sold Depreciation MACRS |Amortization of organization costs Guaranteed payments O Cash distributions