-wing information 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) 450,000 130,000 6,000 100,000 45,000 50,000 20,000 25,000 2,000 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 items (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+F 10 (Mac). BIUS Paragraph 10pt A Arial II! > &CIT + PDV 1992 !! E. wing information 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) 450,000 130,000 6,000 100,000 45,000 50,000 20.000 25,000 2.000 losses in your calculation that Rachel (40% owner) must report on her 1040 nployment tax assuming this is her only business income? 10pt A 2 I * Od a 6 6) PA Rachel is a 40% general partner in partnership capital profits and losses a Compute Ordinary income for the Partnership. Label each itern in your calculation. b. List the items (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 -wing information 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) 450,000 130,000 6,000 100,000 45,000 50,000 20,000 25,000 2,000 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 items (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+F 10 (Mac). BIUS Paragraph 10pt A Arial II! > &CIT + PDV 1992 !! E. wing information 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) 450,000 130,000 6,000 100,000 45,000 50,000 20.000 25,000 2.000 losses in your calculation that Rachel (40% owner) must report on her 1040 nployment tax assuming this is her only business income? 10pt A 2 I * Od a 6 6) PA Rachel is a 40% general partner in partnership capital profits and losses a Compute Ordinary income for the Partnership. Label each itern in your calculation. b. List the items (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
