xpenses, gains, and losses: enue ale of land (§1231) oods sold ion-MACRS
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 35P
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![Required information
[The following information applies to the questions displayed below.]
Georgio owns a 10 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following
revenues, expenses, gains, and losses:
Sales revenue
Gain on sale of land (§1231)
Cost of goods sold
Depreciation-MACRS
§179 deduction*
Employee wages
Nondeductible fines and penalties
Municipal bond interest
Short-term capital gains
Guaranteed payment to Sandra
*Assume the §179 property placed in service limitation does not apply.
b. What are Georgio's separately stated items for the year?
Description
Separately Stated Items on Schedule K-1:
$ 92,000
19,500
(48,000)
(6,650)
(17,100)
(13,900)
(4,500)
7,000
5,250
(5,700)
Total
Amount
Allocated
to Georgio](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9976f245-0987-4f53-92e6-265364542515%2F88a42df3-c33f-4ffa-99ff-bac69b220f93%2Fvs6slg_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Georgio owns a 10 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following
revenues, expenses, gains, and losses:
Sales revenue
Gain on sale of land (§1231)
Cost of goods sold
Depreciation-MACRS
§179 deduction*
Employee wages
Nondeductible fines and penalties
Municipal bond interest
Short-term capital gains
Guaranteed payment to Sandra
*Assume the §179 property placed in service limitation does not apply.
b. What are Georgio's separately stated items for the year?
Description
Separately Stated Items on Schedule K-1:
$ 92,000
19,500
(48,000)
(6,650)
(17,100)
(13,900)
(4,500)
7,000
5,250
(5,700)
Total
Amount
Allocated
to Georgio
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