Question: Need help figuring out the separately stated items amounts Data Table X 1 bar's activities Nate, Ruth, and Mike are equal partners in the NRM
Need help figuring out the separately stated items amounts


Data Table X 1 bar's activities Nate, Ruth, and Mike are equal partners in the NRM Partnership, which uses the accrual metho materially participate in the business. NRM reports financial accounting income of $156,000 for used the following information to determine financial accounting income. E: (Click the icon to view the information.) Operating profit (excluding the items listed below) $ 32,500 Taxable Ordinary Income Separately Stated Items Rental income 23,000 Income Interest income: Income 12,000 Operating profit $ 32,500 23600 32,500 $ 23,600 2.500 Rental income 25,000 2500 Interest on municipal bonds Interest on corporate bonds 2,500 25000 Dividend income 50000 25,000 50,000 Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Nate six years ago when its basis was $7,000 and its FMV was $12,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 45,000 Gain on investment land 25000 25,000 25,000 -6000 6,000 (6,000) 12000 12,000 12,000 51000 51,000 51,000 Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Rental real estate 15,000 (30,000) (15,000) (45,000) (17,000) 22,000 (17,000) (2,000) Machinery and equipment Interest expense related to: Enter any number in the edit fields and then click Check Answer. Print Done . More Info The partnership received a $600 prepayment of rent for next year but has not recorded it as income for financial accounting purposes. The partnership recorded the land for financial accounting purposes at $12,000 MACRS depreciation on the rental real estate and machinery and equipment were $15,000 and $30,000, respectively, in the current year. MACRS depreciation for the rental real estate includes depreciation on the low-income housing expenditures. . Data Table X 1 bar's activities Nate, Ruth, and Mike are equal partners in the NRM Partnership, which uses the accrual metho materially participate in the business. NRM reports financial accounting income of $156,000 for used the following information to determine financial accounting income. E: (Click the icon to view the information.) Operating profit (excluding the items listed below) $ 32,500 Taxable Ordinary Income Separately Stated Items Rental income 23,000 Income Interest income: Income 12,000 Operating profit $ 32,500 23600 32,500 $ 23,600 2.500 Rental income 25,000 2500 Interest on municipal bonds Interest on corporate bonds 2,500 25000 Dividend income 50000 25,000 50,000 Municipal bonds (tax-exempt) Corporate bonds Dividend income (all from less-than-20%-owned domestic corporations) Gains and losses on property sales: Gain on sale of land held as an investment contributed by Nate six years ago when its basis was $7,000 and its FMV was $12,000) Long-term capital gains Short-term capital losses Sec. 1231 gain Unrecaptured Sec. 1250 gain Depreciation: 45,000 Gain on investment land 25000 25,000 25,000 -6000 6,000 (6,000) 12000 12,000 12,000 51000 51,000 51,000 Long-term capital gain Short-term capital loss Sec. 1231 gain Unrecaptured Sec. 1250 gain Expenses Depreciation Interest expense on mortgage Interest expense on municipal bond loan Rental real estate 15,000 (30,000) (15,000) (45,000) (17,000) 22,000 (17,000) (2,000) Machinery and equipment Interest expense related to: Enter any number in the edit fields and then click Check Answer. Print Done . More Info The partnership received a $600 prepayment of rent for next year but has not recorded it as income for financial accounting purposes. The partnership recorded the land for financial accounting purposes at $12,000 MACRS depreciation on the rental real estate and machinery and equipment were $15,000 and $30,000, respectively, in the current year. MACRS depreciation for the rental real estate includes depreciation on the low-income housing expenditures
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