The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$19,000,$ and that Gary and Prudence will share the remaining profits or losses in a $45/55$ ratio. For year $1,$ the G&P partnership reports the following results:

Sales revenue $ $83,200$

Gain on sale of land $(1231)6,300$

Cost of goods sold $(40,700)$

Depreciation$$MACRS $(16,600)$

Employee wages $(16,600)$

Cash charitable contributions $(3,400)$

Municipal bond interest $5,600$

Other expenses $(4,800)$

Note: Negative amounts should be indicated by a minus sign.

Required:

a$-1.$ How much ordinary income $($loss$)$ is allocated to Gary for the year?

a$-2.$ Compute Gary's share of separately stated items to be reported on his year $1$ Schedule K$-1,$ including his self$-$employment income $($loss$).$

b$.$ Compute Gary's share of self$-$employment income $($loss$)$ to be reported on his year $1$ Schedule K$-1,$ assuming G&P is a limited partnership and Gary is a limited partner.Required information

$[$The following information applies to the questions displayed below.$]$

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$19,000,$

and that Gary and Prudence will share the remaining profits or losses in a $45/55$ ratio. For year $1,$ the G&P partnership

reports the following results:

Note: Negative amounts should be indicated by a minus sign.

Required:

a$-1.$ How much ordinary income $($loss$)$ is allocated to Gary for the year?

a$-2.$ Compute Gary's share of separately stated items to be reported on his year $1$ Schedule K$-1,$ including his self$-$employment income

$($loss$).$

Complete this question by entering your answers in the tabs below.

How much ordinary income $($loss$)$ is allocated to Gary for the year?

Note: Round your intermediate computations to the nearest whole dollar amount.

PLEASE RESPOND TO ALL PARTS ASKED IN THIS QUESTION$>$ THANK YOU