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Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $ 37,000 Section 1231 loss (4,300) Nondeductible expense 2,275 Cash distribution Required: 5,100 1. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. 2. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt.

Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $ 37,000 Section 1231 loss (4,300) Nondeductible expense 2,275 Cash distribution Required: 5,100 1. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. 2. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt.

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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am. 115.

Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $ 37,000 Section 1231 loss (4,300) Nondeductible expense 2,275 Cash distribution Required: 5,100 1. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. 2. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt.
Transcribed Image Text:Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $ 37,000 Section 1231 loss (4,300) Nondeductible expense 2,275 Cash distribution Required: 5,100 1. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. 2. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt.
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