During the current year, LL Partnership reported the following items: Sales Utilities and rent 480,000 (80,000)...

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During the current year, LL Partnership reported the following items: Sales Utilities and rent 480,000 (80,000) Salaries to employees (200,000) Guaranteed payment partner Antonio (20,000) Interest income 4,000 Interest income from San Diego municipal bond 1,000 Section 1231 gain 12,000 Partner Antonio has 25% capital and profits interest. Based on this information, (a) How much ordinary business income is allocated to Antonio? (b) List the amount and type of separately stated items that should be reported on Antonio's Schedule K-1. During the current year, LL Partnership reported the following items: Sales Utilities and rent 480,000 (80,000) Salaries to employees (200,000) Guaranteed payment partner Antonio (20,000) Interest income 4,000 Interest income from San Diego municipal bond 1,000 Section 1231 gain 12,000 Partner Antonio has 25% capital and profits interest. Based on this information, (a) How much ordinary business income is allocated to Antonio? (b) List the amount and type of separately stated items that should be reported on Antonio's Schedule K-1.

Answer rating: 100% (QA)

Answer To determine the allocation of ordinary business income to Partner Antonio in LL Partnership ... View the full answer