FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hh1.

Account 

Rochelle is a limited partner in Megawatt Partnership. For 2022, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution. Required: a. Calculate the net impact of the given items on Rochelle's 2022 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 2022 after-tax cash flow as a result of her interest in Megawatt. $ 56,800 (4,100) 2,055 6,300 Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net impact of the given items on Rochelle's 2022 taxable income. Assum QBI deduction. Net impact on taxable income B
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Transcribed Image Text:Rochelle is a limited partner in Megawatt Partnership. For 2022, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution. Required: a. Calculate the net impact of the given items on Rochelle's 2022 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 2022 after-tax cash flow as a result of her interest in Megawatt. $ 56,800 (4,100) 2,055 6,300 Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net impact of the given items on Rochelle's 2022 taxable income. Assum QBI deduction. Net impact on taxable income B
Rochelle is a limited partner in Megawatt Partnership. For 2022, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution Required: a. Calculate the net impact of the given items on Rochelle's 2022 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 2022 after-tax cash flow as a result of her interest in Megawatt. $ 56,800 (4,100) 2,055 6,300 Complete this question by entering your answers in the tabs below. Required A Required B. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2022 after-tax ci Megawatt. Note: Cash outflow should be indicated by a minus sign. After-tax cash flow
expand button
Transcribed Image Text:Rochelle is a limited partner in Megawatt Partnership. For 2022, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution Required: a. Calculate the net impact of the given items on Rochelle's 2022 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 2022 after-tax cash flow as a result of her interest in Megawatt. $ 56,800 (4,100) 2,055 6,300 Complete this question by entering your answers in the tabs below. Required A Required B. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2022 after-tax ci Megawatt. Note: Cash outflow should be indicated by a minus sign. After-tax cash flow
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