Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the current...
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Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses: $ 90,250 $ 19,300 $ (45,750) $ (5,750) $(14,400) $ (20,900) $ (5,600) 7,850 4,200 $ (4,850) Sales revenue Gain on sale of land (S1231) Cost of goods sold Depreciation-MACRS $179 deduction* Employee wages Nondeductible fines and penalties Municipal bond interest Short-term capital gains Guaranteed payment to Sandra *Assume the $179 property placed in service limitation does not apply. b. What are Georgio's separately stated items for the year? Description Total Amount Allocated to Georgio Separately Stated Items on Schedule K-1: Georgio owns a 30 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses: $ 90,250 $ 19,300 $ (45,750) $ (5,750) $(14,400) $ (20,900) $ (5,600) 7,850 4,200 $ (4,850) Sales revenue Gain on sale of land (S1231) Cost of goods sold Depreciation-MACRS $179 deduction* Employee wages Nondeductible fines and penalties Municipal bond interest Short-term capital gains Guaranteed payment to Sandra *Assume the $179 property placed in service limitation does not apply. b. What are Georgio's separately stated items for the year? Description Total Amount Allocated to Georgio Separately Stated Items on Schedule K-1:
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Answer a Description Total Amount 30 allocated to Georgia Sales Revenue 90250 Less Cost of go... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
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