Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

What amount of Zuri's partnership income, reported to her on the Schedule K - 1 ( Form 1 0 6 5 ) , is subject

What amount of Zuri's partnership income, reported to her on the Schedule K-1(Form 1065), is subject to self-employment tax?
(Note: Due to rounding, amounts presented in the answer choices may not precisely match the amounts generated in every BlockWorks return. Differences of $1 are not uncommon.)
$0
$28,257
$30,000
$32,258
Mark for follow up
Question 62 of 75.
What is the amount of Zuri's ending capital account?
(Note: Due to rounding, amounts presented in the answer choices may not precisely match the amounts generated in every BlockWorks return. Differences of $1 are not uncommon.)
$0
$2,258
$3,158
$4,958
Mark for follow up
Question 63 of 75.
What is the amount of K and Z Cleaning's 2022 ordinary business income?
(Note: Due to rounding, amounts presented in the answer choices may not precisely match the amounts generated in every BlockWorks return. Differences of $1 are not uncommon.)
$4,550
$8,000
$64,515
$68,000
Mark for follow up
Question 64 of 75.
The cash distribution to the partners is reported on:
Form 1065, page 1.
Schedule B, Form 1065, page 2.
Schedule K, Form 1065, page 4, and on each partner's Schedule K-1.
Schedule M-1, Form 1065, page 5.
Mark for follow up
Question 65 of 75.
What is the balance of the partners' capital accounts at the end of the year, as reported on Schedule M-2 of the Form 1065?
(Note: Due to rounding, amounts presented in the answer choices may not precisely match the amounts generated in every BlockWorks return. Differences of $1 are not uncommon.)
$1,800
$6,315
$64,515
$66,315
Mark for follow up
Question 66 of 75.
What was Kelsey's initial amount at risk (also known as her "at-risk basis") when the business was started in January 2022?
(Note: Due to rounding, amounts presented in the answer choices may not precisely match the amounts generated in every BlockWorks return. Differences of $1 are not uncommon.)
$900
$1,800
$3,158
$6,315
Mark for follow up
Question 67 of 75.
In general, partnerships should report information relating to qualified business income (QBI) in order to:
Reduce the amount of the partnership's ordinary income.
Calculate the amount of each partner's QBI deduction.
Make the appropriate adjustments on the partnership's balance sheet.
Provide information to each partner regarding their share of certain items, so they may potentially benefit from a deduction on their individual returns.
Mark for follow up

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

978-0078025914

Students also viewed these Accounting questions