The KLM Partnership, which uses the accrual method of accounting, is owned equally by Karen ( cash
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The KLM Partnership, which uses the accrual method of accounting, is owned equally by Karen cash method taxpayerand LM corporation accrual method taxpayer Karen is a real estate developer. Both materially participate in the business. KLM reported the following results for the current year:TOTALKLM Pship KLM Pship Karen KarenOrd. Income Sep.Stated Ord. IncomeSep.Stated Operating profit$excluding the items listed below Dividend income from a owned do Interest income:Municipal bonds Corporate bonds Gains and losses of property sales: loss Longterm capital gains Longterm capital losses Shortterm capital losses Charitable contributions Interest expense on loansto acquire Operating Assets Guaranteed payment to Karenfor management services MACRS depreciationincludes $ IRC Section TOTAL a What is KLMs ordinary income loss Karens? b What are the KLMs separately stated items? Karens?
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