Refer to the facts in the preceding problem. a. Complete Schedule K, Form 1065, for the partnership.
Question:
Refer to the facts in the preceding problem.
a. Complete Schedule K, Form 1065, for the partnership.
b. Complete Schedule K-1, Form 1065, for Jayanthi.
Data from Application Problems 21:
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership’s 2021 activities:
Transcribed Image Text:
Form 1065 (2021) Schedule K Partners' Distributive Share Items Ordinary business income (loss) (page 1, line 22) Net rental real estate income (loss) (attach Form 8825) Other gross rental income (loss). Income (Loss) Employ- Deductions Self- ment Credits International Transactions Alternative Minimum Tax (AMT) Items Other Information 1 2 3a b Expenses from other rental activities (attach statement) c Other net rental income (loss). Subtract line 3b from line 3a 4 Guaranteed payments: a Services | 4a | 56 12 Section 179 deduction (attach Form 4562) 13a Contributions. 7 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) b Collectibles (28%) gain (loss) c Unrecaptured section 1250 gain (attach statement) 10 Net section 1231 gain (loss) (attach Form 4797). 11 Other income (loss) (see instructions) Type c Total. Add lines 4a and 4b Interest income b Investment interest expense c Section 59(e)(2) expenditures: (1) Type d Other deductions (see instructions) Type ► Dividends and dividend equivalents: a Ordinary dividends. b Qualified dividends 6b| Royalties. 14a Net earnings (loss) from self-employment. b Gross farming or fishing income c Gross nonfarm income. 15a Low-income housing credit (section 42(j)(5)) b Low-income housing credit (other). 16 ... e Other rental credits (see instructions) Type ► f Other credits (see instructions) Type ► 17a d e Post-1986 depreciation adjustment. b Adjusted gain or loss c 20a c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable) d Other rental real estate credits (see instructions) Type ► Depletion (other than oil and gas) f 18a Tax-exempt interest income b Capital c Dividend equivalents Oil, gas, and geothermal properties-gross income Oil, gas, and geothermal properties-deductions Other AMT items (attach statement). b Other tax-exempt income c Nondeductible expenses 19a Distributions of cash and marketable securities b Distributions of other property Investment income b Investment expenses c Other items and amounts (attach statement) 21 Total foreign taxes paid or accrued 3a 3b 4b 6c Attach Schedule K-2 (Form 1065), Partners' Distributive Share Items-International, and check this box to indicate that you are reporting items of international tax relevance. 9b 9c 24 * (2) Amount I 1 2 3c 4c 6a 789 9a 10 11 12 13a 13b 13c(2) 13d 14a 14b 14c 15a 15b 15c 15d 15e 15f 17a 17b 17c 17d 17e 17f 18a 18b 18c 19a 19b 20a 20b 21 Page Total amount 4 Form 1065 (2021)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (5 reviews)
a Schedule K b Jayanthis Schedule K1 Schedule K Income Loss Employ Deductions Self ment Credits Part...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Principles Of Taxation For Business And Investment Planning 2023
ISBN: 9781264229741
26th Edition
Authors: Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan, Thomas Kubick
Question Posted:
Students also viewed these Business questions
-
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2014 activities: Sales revenue $500,000...
-
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2016 activities: Sales revenue...
-
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnerships 2021 activities: a. Calculate the...
-
31. Which combination of the compounds and their geometry are correct h) CIF, - V-shaped e) CIF, - Tshaped OB. a HeCl, - linoar 24. Which of the following havea bond angle smaller than tetrahodral...
-
Mr. Baskins, manager of Tom and Jerrys Ice Cream Shoppe, needs help scheduling servers for next week. Create a schedule that will meet the demand requirements given below and guarantee each server...
-
A concrete block with a specific weight of 23.6 kN/m 3 is suspended by a rope in a solution with a specific gravity of 1.15. What is the volume of the concrete block if the tension in the rope is...
-
This appeal involves the validity of a will executed in contravention of an earlier contract to make mutual wills. A husband and wife signed a contract to make mutual wills and then executed those...
-
FIFO, LIFO, and Average Cost Determination LoBianco Company's record of transactions for the month of April was as follows. (a) Assuming that periodic inventory records are kept, compute the...
-
8. Suppose f(x) = x 2. Use the forward difference method with h = 0.1 to approximate f'(1).
-
Mrs. Singer owns a profitable sole proprietorship. For each of the following cases, use Schedule SE, Form 1040, to compute her 2021 self-employment tax and her income tax deduction for such tax. a....
-
Bangura, Inc. has accumulated minimum tax credits of $1.3 million from tax years prior to 2018. The following are Banguras regular tax before credits for 2018 through 2021. a. Complete the following...
-
Foxburo Company expects to pay a $2.34 per share cash dividend this year on its common stock. The current market value of Foxburo stock is $32.50 per share. Compute the expected dividend yield. If a...
-
1. Critically analyse the advantages and disadvantages of using incremental budgeting? 2. List and explain the main steps in preparing a zero-based budget?
-
Lulu Enterprises began the year with total liabilities of $188,000 and total stockholders equity of $330,000. Using this information, answer each of the following independent questions. a) If Lulu's...
-
On 01 July 2016, Aiden Limited decided to change its accounting policy in order to expense finance costs as a period cost instead of capitalising them as was previously done. The effect of this...
-
Consider the market of used cars. Sellers have two types of cars: peaches (cars in good condition) and lemons (cars in bad condition). If a potential buyer is able to identify quality of a car, his...
-
Based on the case, which one of the following statements is NOT correct? A . . Because they are clustering towns, the data is aggregated to town level. B . . Because the zones have to be...
-
In an article in the Journal of Marketing, Bayus studied the differences between early replacement buyers and late replacement buyers in making consumer durable good replacement purchases. Early...
-
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
-
Compute the income tax liability for each of the following unrelated C corporations. a. Darter Corporation has taxable income of $68,000. b. Owl Corporation has taxable income of $10,800,000. c....
-
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. How much of the casualty loss will be deductible by Wilson under the following circumstances? a....
-
Benton Company (BC) has one owner, who is in the 33% Federal income tax bracket. BCs gross income is $395,000, and its ordinary trade or business deductions are $245,000. Compute the Federal income...
-
The reasons for policy success or failure are complex, as they depend on the nature and context of the organisation and policy. Choose any policy of interest in your organisation and conduct a...
-
Create a new tab labeled MMM and set up an empty table like the one in the Data tab. Populate the table by linking the cells to the data in the Data tab. Then, complete the following: Figure out the...
-
Consider a simpler proposal to hide the sensitive content of images by selecting a random half of the pixels and turning them to black. so can this would prevent the images from being decently...
Study smarter with the SolutionInn App