Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue Business expenses Investment expenses $ 480,000 250,000 120,000 100,000 (142,800) Short-term capital gains Short-term capital losses Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. Required: How must each individual report these results on her Form 1040? (Do not round any division. Round your final answer to the nearest whole dollar value. Negative amounts should be indicated by a minus sign.) D Answer is complete but not entirely correct. Amount Schedule A Schedule D Schedule E $ $ 40,000 76,667 X -14267

Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue Business expenses Investment expenses $ 480,000 250,000 120,000 100,000 (142,800) Short-term capital gains Short-term capital losses Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. Required: How must each individual report these results on her Form 1040? (Do not round any division. Round your final answer to the nearest whole dollar value. Negative amounts should be indicated by a minus sign.) D Answer is complete but not entirely correct. Amount Schedule A Schedule D Schedule E $ $ 40,000 76,667 X -14267

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BCRQ

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Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue $ 520,000 Business expenses 270,000 Investment expenses 138,000 Short-term capital gains 128,000 Short-term capital losses (177,100) Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. Required: How must each individual report these results on her Form 1040? Schedule A: Schedule B: Schedule C:
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The following information was obtained from the records of BV Suppliers, a partnership business with Betty and Valerie, on 29 February 2020 (the end of the financial year): Betty's capital balance was 29 February 2020 was R500 000. She increased her capital contribution by R100 000 on 01 September 2019 (and this was recorded). She earns interest at a rate of 12% per annum. Which one of the following reflects her interest on capital for the year ended 29 February 2020? O A. R66 000 O B. R60 000 OC. R48 000 O D. R54 000
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