Which of the following is not a separately stated item on the Schedules K and K-1?...
Which of the following is not a separately stated item on the Schedules K and K-1?
| A. | Selling expense | ||
| B. | Royalty income | ||
| C. | Foreign tax | ||
| D. | IRC §179 deduction |
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Here answer is Selling expenses
Selling expenses are not shown in Schedule k an K 1 or Form 1065 meant for partner's share of income deductions or credits etc. All other items mentioned here Royalty Income, Foreign tax (shown under foreign transactions) and IRC 179 deduction is shown separately in the said schedule
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