The following additional information is available about the current year's activities (Click the icon to view the additional information.) Josh, Betty, and Doug are equal partners in the JBD Partnership, which uses the accrual method of accounting. All three materially participate in the business. JBD reports financial accounting income of $164,000 for the current year. The partnership used the following information to determine financial accounting income. 3(Click the icon to view the information.) Read the requirements. Domorrow wowororom our won orey wo were cry minus sign for loss and expense amounts.) X Data Table Taxable Income Ordinary Income Separately Stated Items Income $ 63,800 19,000 Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income 10,000 1,200 21,000 Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Josh six years ago when its basis was $3,000 and its FMV was $17,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Josh Low-income housing expenditures qualifying for credit 40,000 15,000 9,000 11,000 59,000 8,000 24,000 Low-income housing expenditures Total 16,000 4,000 15,000 19,000 Enter any number in the edit fields and then continue to the next question. The following additional information is available about the current year's activities (Click the icon to view the additional information.) Josh, Betty, and Doug are equal partners in the JBD Partnership, which uses the accrual method of accounting. All three materially participate in the business. JBD reports financial accounting income of $164,000 for the current year. The partnership used the following information to determine financial accounting income. 3(Click the icon to view the information.) Read the requirements. Domorrow wowororom our won orey wo were cry minus sign for loss and expense amounts.) X Data Table Taxable Income Ordinary Income Separately Stated Items Income $ 63,800 19,000 Operating profit Rental income Interest on municipal bonds Interest on corporate bonds Dividend income 10,000 1,200 21,000 Gain on investment land Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Guaranteed payment Operating profit (excluding the items listed below) Rental income Interest income: Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Josh six years ago when its basis was $3,000 and its FMV was $17,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: Rental real estate Machinery and equipment Interest expense related to: Mortgages on rental property Loans to acquire municipal bonds Guaranteed payments to Josh Low-income housing expenditures qualifying for credit 40,000 15,000 9,000 11,000 59,000 8,000 24,000 Low-income housing expenditures Total 16,000 4,000 15,000 19,000 Enter any number in the edit fields and then continue to the next
