Smith partnership had the following tax items for 2007: Fees received $300,000 Salaries Paid 50,000 20,000...

  

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Smith partnership had the following tax items for 2007: Fees received $300,000 Salaries Paid 50,000 20,000 10,000 7,000 20,000 9,000 Supplies/repairs Payroll Taxes Charitable contribution Long term capital gain Passive income (rental operations) Qualified Dividends received 1,000 Payment of Smith's personal medical expenses 10,000 Please tell me: a) Ordinary Income of the partnership (i.e. non separately stated items). (2.5 points) b) Please list the separately stated items. (2.5 points) c) Please tell me if anything should be classified as something other than an income item (separately stated or non-separately stated) and what it should be classified as. (2.5 points) Smith partnership had the following tax items for 2007: Fees received $300,000 Salaries Paid 50,000 20,000 10,000 7,000 20,000 9,000 Supplies/repairs Payroll Taxes Charitable contribution Long term capital gain Passive income (rental operations) Qualified Dividends received 1,000 Payment of Smith's personal medical expenses 10,000 Please tell me: a) Ordinary Income of the partnership (i.e. non separately stated items). (2.5 points) b) Please list the separately stated items. (2.5 points) c) Please tell me if anything should be classified as something other than an income item (separately stated or non-separately stated) and what it should be classified as. (2.5 points)

Answer rating: 100% (QA)

a Ordinary income of the partnership nonseparately stated items Fees received 300000 Salaries pa... View the full answer