5. A. Prepare a list identifying separately stated items and the amount for each item. B. Is there any difference if the K-1 is for a partnership or S-Corp? C. Assume the entity is a partnership with two equal partners. Each partner's beginning basis is zero. What would be the partner's ending basis? InterTax, LLC. INCOME STATEMENT For the Year Ended December 31, 2020 Income Consulting fees Tax-exempt interest Interest income on bank accounts Total income Expenses Organization expenses Guaranteed payments/Officer salaries Salaries and wages Tax Book 1,880,000 1,880,000 0 2,400 16,400 16,400 1,896,400 1,898,800 5,707 15,600 Rent Utilities Advertising Repairs Taxes Employee benefits Interest Office supplies Depreciation: Sec.179/MACRS Total expenses 800,000 800,000 240,000 240,000 76,800 76,800 12,000 12,000 30,000 30,000 2,000 2,000 10,000 10,000 2,000 2,000 10,000 10,000 7,000 7,000 75,200 30,400 1,270,707 1,235,800 Net income before charitable contributions 625,693 663,000 Charitable contributions Net income Distributions 62,569 80,000 563,124 583,000 100,000 100,000