FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Amit is a limited partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income, $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 37 percent. Amit qualifies for the QBI deduction, without regard to the wage or taxable income limitations. Required: Calculate the tax cost of Amit's partnership earnings this year.arrow_forwardDesiree and Company, a general professional partnership had a gross income of P450,000 and expenses of P125,000 in 2018. The following data pertains to the two (2) individual partners: Amount advanced from partnership income Share in profit and loss ratio Gross income (other business) Expenses (other business) Dividend from domestic company Interest on bank deposit Status Number of dependent children The income tax payable by the partnership is - a. P 0 b. Exempt c. 104,000 d. 113,750 Desiree P 40,000 40% 260,000 65,000 8,500 Married 2 Desiderio P 60,000 60% 3,000 Single nonearrow_forwardI need some help with F, G pleasearrow_forward
- Rochelle is a limited partner in Megawatt Partnership. For 2021, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income: $25,000 Section 1231 loss: (3,000) Nondeductible expense: 1,000 Cash distribution: 5,000 Required: a. Calculate the net impact of the given items on Rochelle's 2021 taxable income. Assume that Rochelle does not qualify for the QBI deduction. b. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2021 after-tax cash flow as a result of her interest in Megawatt.arrow_forwardProvide tablearrow_forwardTax Drill - Tax Year of a Partnership Indicate the required sequencing of rules in determining a partnership's required taxable. a. Principal partners' tax year. Applied first. b. Majority partners' tax year rule. Applied second. c. The least aggregate deferral tax year rule. Applied third.arrow_forward
- SEE ATTACHEDarrow_forwardJefferson has a capital balance of $65,000 and devotes full time to a partnership. Washington has a capital balance of $45,000 and devotes half time to the partnership. If no other information is available regarding distributions, how should net income be divided?arrow_forwardHaresharrow_forward
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