The NIU General Partnership, a cash basis taxpayer, has been in existence since 2009. Ned, Irene, and Uriah are equal partners. For its tax year ended December 31, 20XX, NIU had the following items of income and loss: $ 100,000 9,000 6,000 9,000 70,000 Sales income Interest income Municipal interest income Section 1231 gain Cost of goods sold Advertising expense Supplies expense Depreciation expense Taxes Charitable contributions Life insurance premium on partners' lives (proceeds to partnership) 4,000 4,000 4,000 9,000 2,100 3,000 Additionally, Uriah receives a guaranteed payment of $12,000 for 20xx NIU's balance sheet as of December 31, 20XX, is as follows: Basis Fair Market Value Cash $50,000 $50,000 0 Accounts Receivable 30,000 Additionally, Uriah receives a guaranteed payment of $12,000 for 20XX. NIU's balance sheet as of December 31, 20XX, is as follows: Basis Fair Market Value Cash $50,000 $50,000 -0- Accounts Receivable 30,000 Land 40.000 40,000 $90,000 $120,000 $30,000 $30,000 Recourse debt Capital, Ned 20,000 30,000 Capital, Irene 20,000 30,000 Capital, Uriah 20.000 30,000 $90,000 $120,000 Compute the ordinary income/loss for NIU General Partnership for 20XX. Use the attached Form 1065 (page 1) to guide you. The form is available in both a printable and on-line format. Open the link online in a new window. Form 1065 Ordinary Income/Loss 123 The NIU General Partnership, a cash basis taxpayer, has been in existence since 2009. Ned, Irene, and Uriah are equal partners. For its tax year ended December 31, 20XX, NIU had the following items of income and loss: $ 100,000 9,000 6,000 9,000 70,000 Sales income Interest income Municipal interest income Section 1231 gain Cost of goods sold Advertising expense Supplies expense Depreciation expense Taxes Charitable contributions Life insurance premium on partners' lives (proceeds to partnership) 4,000 4,000 4,000 9,000 2,100 3,000 Additionally, Uriah receives a guaranteed payment of $12,000 for 20xx NIU's balance sheet as of December 31, 20XX, is as follows: Basis Fair Market Value Cash $50,000 $50,000 0 Accounts Receivable 30,000 Additionally, Uriah receives a guaranteed payment of $12,000 for 20XX. NIU's balance sheet as of December 31, 20XX, is as follows: Basis Fair Market Value Cash $50,000 $50,000 -0- Accounts Receivable 30,000 Land 40.000 40,000 $90,000 $120,000 $30,000 $30,000 Recourse debt Capital, Ned 20,000 30,000 Capital, Irene 20,000 30,000 Capital, Uriah 20.000 30,000 $90,000 $120,000 Compute the ordinary income/loss for NIU General Partnership for 20XX. Use the attached Form 1065 (page 1) to guide you. The form is available in both a printable and on-line format. Open the link online in a new window. Form 1065 Ordinary Income/Loss 123