Question: Need help on how to answer them. I know some of it but not all. If you could help would be great. Need this ASAP.

 Need help on how to answer them. I know some of

Need help on how to answer them. I know some of it but not all. If you could help would be great. Need this ASAP.

it but not all. If you could help would be great. Need

Partnership Taxable Income Partner D is a 10 percent general partner in ABCD Partnership. The partnership's financial records for the current tax year reveal the following: Gross receipts from sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income from rental real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business meals and entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 1231 loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $820,000 (540,000) (93,000) 64,000 20,000 (8,200) (17,500) D's outside basis in his partnership interest was $125,000 at the beginning of the tax year. 1. Using Form 1065, page 1 as a guide, calculate the partnership's ordinary income/loss for the current tax year. 2. Determine D's capital account the partnership at the end of the tax year. Partnership Transactions: Partner and Partnership Partnership EFGH is a calendar year, accrual basis partnership. Partner G is a calendar year, cash basis partner. Partnership EFGH rents property from Partner G. EFGH pays market rate rent of $4,000 per month. EFGH also pays G a guaranteed payment of $10,000 per month for services performed. The following transactions occurred near year end: The December rent payment for the current year was not received by G until January 5th of the subsequent year. The December guaranteed payment was not received by G until January 10th of the subsequent year 3. In what tax year should EFGH deduct the December rent payment and in what year should G include this payment in his tax return? 4. In what year should the EFGH deduct the December guaranteed payment and in what year should G include this payment in tax return? Calculating Partnership Ordinary Income/Loss and Partner Taxable Income Partner Q is a partner in Partnership QRST. The partnership agreement states that Q's share of income and losses is 30 percent. Q provides services to QRST. Both QRST and Q use a calendar year for tax purposes. The partnership's financial records for the current year show: Gross prot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $260,000 Guaranteed payments to Q. . . . . . . . . . . . . . . . . . Life insurance premium for Q . . . . . . . . . . . . . . . . . Operating expenses . . . . . . . . . . . . . . . . . . . . . . . Charitable contributions. . . . . . . . . . . . . . . . . . . . . Net long-term capital gain. . . . . . . . . . . . . . . . . . . (20,000) (500) (60,000) (9,000) 10,000 Q is single, has no other income, and no itemized deductions for the year. Q received the $20,000 guaranteed payments and withdrew an additional $10,000 during the year. Q's capital account in the partnership was $50,000 at the beginning of the year. 5. Using Form 1065, page 1 as a guide; calculate QRST's ordinary income for the tax year. 6. Calculate T's taxable income for the tax year of 2012. T will not be able to itemize deductions. 7. Calculate T's capital account in the partnership at the end of the tax year

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