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Please solve through excel and show step-by-step. 1 John and Mary are equal partnership in a partnership. John's beginning basis is 40,000 and Mary's beginning
Please solve through excel and show step-by-step.
1 John and Mary are equal partnership in a partnership. John's beginning basis is 40,000 and Mary's beginning basis is 60,000 \begin{tabular}{l|l|l} Sales & 150,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Long term capital gain & 5,000 \\ \hline Short term capital loss & 4,000 \\ \hline Dividend income & 2,000 \\ \hline salaries & 50,000 \\ \hline Rent Expense & 20,000 \\ \hline Interest income & 5,000 \\ \hline Depreciation & 30,000 \\ \hline Section 179 expense & 20,000 \\ \hline Distribution to Mary & 40,000 \\ \hline Medical expenses for John & \\ \hline paid by partnership & 25,000 \\ \hline \end{tabular} 1 Calculate ordinary income 2 Calculate Separately Reported Items 3 Calculate ending basis for John and Mary. \begin{tabular}{|l|l} John & Mary \end{tabular}Step by Step Solution
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