Required information

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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$13,000,$

and that Gary and Prudence will share the remaining profits or losses in a $\frac{45}{55}$ ratio. For year $1,$ the G&P partnership

reports the following results:

Note: Negative amounts should be indicated by a minus sign.

Required:

a$-1.$ How much ordinary income $($loss$)$ is allocated to Gary for the year?

a$-2.$ Compute Gary's share of separately stated items to be reported on his year $1$ Schedule K$-1,$ including his self$-$employment income

$($loss$).$

How much ordinary income $($loss$)$ is allocated to Gary for the year?

Note: Round your intermediate computations to the nearest whole dollar amount.

Ordinary income $($loss$)$

Required $A_1|$ Required $A_2|$

Compute Gary's share of separately stated items to be reported on his year $1$ Schedule $K-1,$ including his self$-$employment

income $($loss$).$

Note: Round your intermediate computations and final answers to the nearest whole dollar amount.

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$13,000,$ and that Gary and Prudence will share the remaining profits or losses in a $45/55$ ratio. For year $1,$ the G&P partnership reports the following results:

Sales revenue $ $70,000$

Gain on sale of land $(1231)8,000$

Cost of goods sold $(38,000)$

Depreciation$$MACRS $(9,000)$

Employee wages $(14,000)$

Cash charitable contributions $(3,000)$

Municipal bond interest $2,000$

Other expenses $(2,000)$