Question: Compute the answers to Chapter 21 problem 49.99 When complete you will Prepareonly the Form 1065 Schedule M1 and M2 The KL Partnership is owned

Compute the answers to Chapter 21 problem 49.99 When complete you will Prepareonly the Form 1065 Schedule M1 and M2 The KL Partnership is owned equally by Kayla and Lisa. At the beginning of the year, Kaylas basis is $20,000 and Lisaos basis is $16,000. Partnership debt did not change from the beginning to the end of the tax year. KL reported the following income and expenses for the current tax year

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