tion for the current year: Sales Revenue Cost of Goods Sold Long-term capital gain Operating expenses Guaranteed payment to Rachel for services Depreciation Expense (MACRS) Cash distributions to each partner Section 179 expense elected Interest on Colorado state bonds (exempt interest income) lation. (40% owner) must report on her 1040. assuming this is her only business income? Ex Av BB 3 450,000 130,000 V I. 6,000 100,000 45,000 50,000 20,000 25,000 2,000 8 S 2 Sales Revenue Cost of Goods Sold Long-term capital gain Operating expenses Guaranteed payment to Rachel for service Depreciation Expense (MACRS) Cash distributions to each partner Section 179 expense elected Interest on Colorado state bonds (exempt 1 Rachel is a 40 general partner in partnership capital, profits, and losses a.Compute Ordinary income for the Partnership. Label each item in your calculation. b. List the tems (description and amount) from the above information that Rachel (40% owner) must report on her 1040 c. What is the amount of Rachel's earnings that are subject to self-employment tax assuming this is her only business income? d. What is Rachel's tentative Qualified Business Income deduction? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) B I VS Paragraph 8 Sales revenue 450,000 less expenses cost of goods sold 130,000 - depestation expense 50 000 3 Arial 10pt T "S BBY A BEE