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Rochelle is a limited partner in Megawatt Partnership. For 2019, her schedule K-1 from the partnership reported the following share of partnership items. Ordinary income
Rochelle is a limited partner in Megawatt Partnership. For 2019, her schedule K-1 from the partnership reported the following share of partnership items. Ordinary income Section 1231 loss Nondeductible expense Cash distribution $31,200 (4,800) 2,490 5, 100 a. Calculate the net impact of the given items on Rochelle's 2019 taxable income. Assume that Rochelle does not qualify for the QBI deduction. b. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2019 after-tax cash flow as a result of her interest in Megawatt. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net impact of the given items on Rochelle's 2019 taxable income. Assume that Rochelle does not qualify for the QBI deduction. Net impact on taxable income
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