Jayanthi and krish each own a 50 percent general partner interest in the jk partnership. the following information is available regarding the partnership’s 2015 activities:
sales revenue
$500,000
selling expenses
200,000
depreciation expense
30,000
long-term capital gain
9,000
nondeductible expenses
2,000
partnership debts, beginning of the year
100,000
partnership debts, end of the year
120,000
partnership distributions
jayanthi
50,000
krish
50,000
a. calculate the partnership’s ordinary (nonseparately stated) income and indicate which items must be separately stated.
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 2015?
d. at the beginning of the year, jayanthi’s adjusted tax basis in her partnership interest was $25,000. calculate her ending adjusted tax basis in her partnership interest.
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Jayanthi and krish each own a 50 percent general partner interest in the jk partnership. the followi...
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