KLMN Partnership’s financial records show the following:
Gross receipts from sales | $ | 670,000 | |
Cost of goods sold | (460,000 | ) | |
Operating expenses | (96,800 | ) | |
Business meals and entertainment | (6,240 | ) | |
Section 1231 loss on equipment sale | (13,500 | ) | |
Charitable contribution | (1,500 | ) | |
Distributions to partners | (10,000 | ) | |
Mr. T is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN.
How would your basis computation change if KLMN’s debt at the end of the year was $28,000 more than its debt at the beginning of the year?
THE BASIS computation will not changebecause debt does not effect KLMN s shareholders basis .a debt of $28000 at the begining will not affect the basis
KLMN Partnership’s financial records show the following: Gross receipts from sales $ 670,000 Cost of goods...
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $820,000 Cost of sales . . . . . . . . . . ....
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...