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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $ 1 3 , 0 0 0 ,
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $ and that Gary and Prudence will share the remaining profits or losses in a ratio. For year the G&P partnership reports the following results: Sales revenue $ Gain on sale of land Cost of goods sold DepreciationMACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses Note: Negative amounts should be indicated by a minus sign. Problem Part b Static b Compute Gary's share of selfemployment income loss to be reported on his year Schedule K assuming G&P is a limited partnership and Gary is a limited partner. C What do you believe Gary's share of selfemployment income loss to be reported on his year Schedyle K should be assuming G&P is an LLC and Gary spends hours per year working there full time?
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $ and that Gary and Prudence will share the remaining profits or losses in a ratio. For year the G&P partnership reports the following results:
Sales revenue $
Gain on sale of land
Cost of goods sold
DepreciationMACRS
Employee wages
Cash charitable contributions
Municipal bond interest
Other expenses
Note: Negative amounts should be indicated by a minus sign.
Problem Part b Static
b Compute Gary's share of selfemployment income loss to be reported on his year Schedule K assuming G&P is a limited partnership and Gary is a limited partner.
C What do you believe Gary's share of selfemployment income loss to be reported on his year Schedyle K should be assuming G&P is an LLC and Gary spends hours per year working there full time?
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