thank you. checking work, 2 Qs . 2 parts in second question
Required information Jack and Diane are equal partners in the Little Ditty Partnership. The partners formed the partnership nine years ago when each partner made an initial contribution of cash. Prior to any distributions, the partners have the following bases in their partnership interests: (Leave no answer blank. Enter zero if appplicable.) Partner Outside Basis Jack $24,100 Diane $24,100 On December 31 of the current year, the partnership makes a pro rata (proportionate) operating distribution of: Partner Distribution Jack Cash $27,700 Diane Cash $19,800 Property$ 7,900 (FMV) ($2,660 basis to partnership) What is Diane's basis in the distributed assets? Basis in cash Basis in property Required information [The following information applies to the questions displayed below.) Kanye, Jay and Sugar are each one-third partners in the capital and profits of Firewalker, a general partnership. In addition to their normal share of the partnership's annual income, Sugar and Jay each receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous deductible expenses Overall net income $ 340,000 3,300 1,200 (120,000) (75,000) (28,000) (20,000) (4,500) $ 97,000 (Leave no answer blank. Enter zero If applicable.) a-1. How much ordinary business income (loss) would Firewalker report for the current year? a-2. What separately stated items will it report on its return for the year? Complete this question by entering your answers in the tabs below. Req ai Req a2 How much ordinary business income (loss) would Firewalker report for the current year? Ordinary business income (loss) Req al Regla2 What separately stated items will it report on its return for the year? (Select all that Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Self-employment income