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[The following information applies to the questions displayed below.] Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the curre
[The following information applies to the questions displayed below.] Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the curre revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (1231) Cost of goods sold $ 81,750 18,900 (37,500) Depreciation-MACRS (5,900) $179 deduction* (13,800) Employee wages (17,900) Nondeductible fines and penalties (3,700) Municipal bond interest 6,400 Short-term capital gains 3,950 Guaranteed payment to Sandra (5,000) *Assume the 179 property placed in service limitation does not apply. Problem 20-59 Part b (Algo) b. What are Georgio's separately stated items for the year? Description Separately Stated Items on Schedule K-1: Total Amount Allocated to Georgio
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