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Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will recelve a
Required information [The following information applies to the questions displayed below.] The partnership agreement of the G\&P general partnership states that Gary will recelve a guaranteed payment of $15,100, 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: 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 K1, including his self-employment income (joss). Required information [The following information applies to the questions displayed below.] The partnership agreement of the G\&P general partnership states that Gary will recelve a guaranteed payment of $15,100, 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: b. Compute Gary's share of seif-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G\&P is a limited partnership and Gary is a limited partner
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