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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities:
| | | |
| Sales revenue | $ | 605,000 |
| Selling expenses | | 242,000 |
| Depreciation expense | | 40,250 |
| Long-term capital gain | | 12,000 |
| Nondeductible expenses | | 1,400 |
| Partnership debts, beginning of the year | | 109,000 |
| Partnership debts, end of the year | | 138,500 |
| Partnership distributions | | |
| Jayanthi | | 54,500 |
| Krish | | 54,500 |
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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: Sales revenue Selling expenses Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, end of the year Partnership distributions Jayanthi Krish $605,000 242,000 40,250 12,000 1,400 109,000 138,500 54,500 54,500 Required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No" b. Calculate Jayanthi's allocable share of partnership items. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2019? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $43,500. Calculate her ending adjusted tax basis in her partnership interest. Answer is not complete. Req A1 Req A2 Reg B Reg C and D Calculate the partnership's ordinary (nonseparately stated) income. Ordinary income $ 322,750 Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: Sales revenue Selling expenses Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, end of the year Partnership distributions Jayanthi Krish $605,000 242,000 40,250 12,000 1,400 109,000 138,500 54,500 54,500 Required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No". b. Calculate Jayanthi's allocable share of partnership items. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2019? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $43,500. Calculate her ending adjusted tax basis in her partnership interest. Answer is not complete. Reg A1 Reg A2 Reg B Reg C and D Calculate Jayanthi's allocable share of partnership items. Ordinary income Long-term capital gain Nondeductible expenses Partnership distributions Amount $ 161,375 1$ 6,000 $ 700 $ 54,500 Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2019 activities: Sales revenue Selling expenses Depreciation expense Long-term capital gain Nondeductible expenses Partnership debts, beginning of the year Partnership debts, end of the year Partnership distributions Jayanthi Krish $605,000 242,000 40,250 12,000 1,400 109,000 138,500 54,500 54,500 Required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. a-2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No" b. Calculate Jayanthi's allocable share of partnership items. c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2019? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $43,500. Calculate her ending adjusted tax basis in her partnership interest. Answer is not complete. Reg A1 Reg A2 Reg B Reg C and D c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2019? d. At the beginning of the year, Jayanthi's adjusted tax basis in her partnership interest was $43,500. Calculate her ending adjusted tax basis in her partnership interest. Amount c. d. Total gross income Adjusted tax basis
