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David Mary, and Bill are equal partners in the DMB Partnership, which uses the accrual method of accounting All three materially participate in the business. DMB reports financial accounting income of $148,000 for the current year The partnership used the following information to determine financial accounting income Click the icon to view the information.) The following additional information is available about the current year's activities (Click the icon to view the additional information) Read the requirements Requirement a. What is DMB's financial accounting income? DMB's financial accounting income is Requirements b, c, and d. What is DMB's partnership taxable income? What is DMB's ordinary income (loss)? What are DMB's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty, do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Income Stated Items Income Operating profit Income David, Mary, and Bill are equal partners in the DMB Partnership The following additional information is available about the which uses the participate in the - Xion) income of $148 More info following infor (Click the id The partnership received a $400 prepayment of rent for next year but has not recorded it as income for financial accounting purposes Requirement . The partnership recorded the land for financial accounting purposes at $11,000 DMB's financial MACRS depreciation on the rental real estate and machinery and equipment were $17,000 and $30,000, respectively, in the current year. Requirements MACRS depreciation for the rontal real estate includes depreciation on the re DMB's separately state low-income housing expenditures. Begin by deterr (If a box is not used in the mounts.) . . Print Done Income naratinnnnnfit Wt the - X David, Mary which usest participate in income of $1 following into (Click the Data table $ 61,500 15.000 Requirement DMB's finan 18,000 4,500 23,000 DMB's Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales. Gain on sale of land held as an investment (contributed by David six years ago when its basis was $5,000 and its FMV was $11,000) Long-term capital gains Short-term capital losses Requiremer separately s Begin by det not used in the Ja box is unts.) 80,000 30,000 7.500 Income Oneratinand DDD ut the David, Mary which uses the participate in income of $1 following in Click the Data table Lagu 7,500 10,000 32,000 Requirement DMB's finand 17.000 26,000 PMB's Short-term capital losses Sec 1231 gain Unrecaptured Sec 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to David Low.income housing expenditures qualifying for credit Requiremert separately s Begin by det not used in la box is unts.) 23,000 2,500 50,000 19,000 Income neratinnn Evid, Mary, and Bill are equal partners in the DMB Partnership, Fhich uses the accrual method of accounting. All three materially rticipate in the business. DMB reports financial accounting come of $1487 llowing infor (Click the id Requirements The following additional information is available about the current year's activities. (Click the icon to view the additional information.) Requirement a a. What is DMB's financial accounting income? b. What is DMB's partnership taxable income? c. What is DMB's ordinary income (loss)? d. What are DMB's separately stated items? DMB's financia re DMB's Requirements Separately state Begin by deterre not used in the (If a box is mounts.) Print Done Income David Mary, and Bill are equal partners in the DMB The following additional information is available about the Requirement a. What is DMB's financial accounting income? DMB's financial accounting income is Requirements b, c, and d. What is DMB's partnership taxable income? What is DMB's ordinary income (loss)? What are DMB's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Income Income Stated Items Income Operating profit Rental income Interest on municipal bonds Interest on corporale bonds Dividend income David, Mary, and Bill are equal partners in the DMB The following additional information is available about the Income Income Stated Items Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec 1250 gain Expenses Depreciation Interest expense on mortgago The following additional information is available about the David, Mary, and Bill are equal partners in the DMB RECOURIRI WO Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low.income housing expenditures Total David Mary, and Bill are equal partners in the DMB Partnership, which uses the accrual method of accounting All three materially participate in the business. DMB reports financial accounting income of $148,000 for the current year The partnership used the following information to determine financial accounting income Click the icon to view the information.) The following additional information is available about the current year's activities (Click the icon to view the additional information) Read the requirements Requirement a. What is DMB's financial accounting income? DMB's financial accounting income is Requirements b, c, and d. What is DMB's partnership taxable income? What is DMB's ordinary income (loss)? What are DMB's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty, do not enter a zero. Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Income Stated Items Income Operating profit Income David, Mary, and Bill are equal partners in the DMB Partnership The following additional information is available about the which uses the participate in the - Xion) income of $148 More info following infor (Click the id The partnership received a $400 prepayment of rent for next year but has not recorded it as income for financial accounting purposes Requirement . The partnership recorded the land for financial accounting purposes at $11,000 DMB's financial MACRS depreciation on the rental real estate and machinery and equipment were $17,000 and $30,000, respectively, in the current year. Requirements MACRS depreciation for the rontal real estate includes depreciation on the re DMB's separately state low-income housing expenditures. Begin by deterr (If a box is not used in the mounts.) . . Print Done Income naratinnnnnfit Wt the - X David, Mary which usest participate in income of $1 following into (Click the Data table $ 61,500 15.000 Requirement DMB's finan 18,000 4,500 23,000 DMB's Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales. Gain on sale of land held as an investment (contributed by David six years ago when its basis was $5,000 and its FMV was $11,000) Long-term capital gains Short-term capital losses Requiremer separately s Begin by det not used in the Ja box is unts.) 80,000 30,000 7.500 Income Oneratinand DDD ut the David, Mary which uses the participate in income of $1 following in Click the Data table Lagu 7,500 10,000 32,000 Requirement DMB's finand 17.000 26,000 PMB's Short-term capital losses Sec 1231 gain Unrecaptured Sec 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to David Low.income housing expenditures qualifying for credit Requiremert separately s Begin by det not used in la box is unts.) 23,000 2,500 50,000 19,000 Income neratinnn Evid, Mary, and Bill are equal partners in the DMB Partnership, Fhich uses the accrual method of accounting. All three materially rticipate in the business. DMB reports financial accounting come of $1487 llowing infor (Click the id Requirements The following additional information is available about the current year's activities. (Click the icon to view the additional information.) Requirement a a. What is DMB's financial accounting income? b. What is DMB's partnership taxable income? c. What is DMB's ordinary income (loss)? d. What are DMB's separately stated items? DMB's financia re DMB's Requirements Separately state Begin by deterre not used in the (If a box is mounts.) Print Done Income David Mary, and Bill are equal partners in the DMB The following additional information is available about the Requirement a. What is DMB's financial accounting income? DMB's financial accounting income is Requirements b, c, and d. What is DMB's partnership taxable income? What is DMB's ordinary income (loss)? What are DMB's separately stated items? Begin by determining the partnership's taxable income, then ordinary income (loss), and finally separately stated items. (If a box is not used in the table leave the box empty; do not enter a zero Use parentheses or a minus sign for loss and expense amounts.) Taxable Ordinary Separately Income Income Stated Items Income Operating profit Rental income Interest on municipal bonds Interest on corporale bonds Dividend income David, Mary, and Bill are equal partners in the DMB The following additional information is available about the Income Income Stated Items Income Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec 1250 gain Expenses Depreciation Interest expense on mortgago The following additional information is available about the David, Mary, and Bill are equal partners in the DMB RECOURIRI WO Interest on corporate bonds Dividend income Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Low.income housing expenditures Total