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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $11,000, and that Gary and Prudence will share
The partnership agreement of the G\&P general partnership states that Gary will receive a guaranteed payment of $11,000, 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: Problem 09.61 Part a (Algo) Required: 0.1. How much ordinary income (loss) is allocated to Gary for the year? 0.2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K1, including his self-employment income (ioss?) 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. c. What do you belleve Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G8P is an LLC and Gary spends 2,000 hours per year working there full time
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