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)