Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses:
Sales revenue $70,000
Gain on sale of land ($1231) $11,000
Cost of goods sold $26,000
Depreciation - MACRS $3,000
5179 deduction* $10,000
Employee wages $11,000
Fines and penalties $3,000
Municipal bond interest $6,000
Short-term capital gains $4,000
Guaranteed payment to Sandra $3,000
*Assume the $179 property placed in service limitation does not apply.
Requried:
a. How much ordinary business income (loss) is allocated to Georgio for the year?
b. What are Georgio's separately stated items for the year?
Answers: 2
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Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain...
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