The following information applies to the questions displayed below.] Seorgio owns a 10 percent profits and capital interest in Rain Tree LLC. For the curre evenues, expenses, gains, and losses: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS 5179 deduction" Employee wages Nondeductible fines and penalties Municipal bond interest $ 85,000 13,600 (46,750) (4,250) (14,500) (20,000) (3,800) 7,300 Short-term capital gains 6,150 Guaranteed payment to Sandra (3,700) Assume the $179 property placed in service limitation does not apply.
The following information applies to the questions displayed below.] Seorgio owns a 10 percent profits and capital interest in Rain Tree LLC. For the curre evenues, expenses, gains, and losses: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS 5179 deduction" Employee wages Nondeductible fines and penalties Municipal bond interest $ 85,000 13,600 (46,750) (4,250) (14,500) (20,000) (3,800) 7,300 Short-term capital gains 6,150 Guaranteed payment to Sandra (3,700) Assume the $179 property placed in service limitation does not apply.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 36P
Related questions
Question
![Required Information
Problem 09-59 (LO 09-4) (Algo)
[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 (51231)
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
$ 85,000
13,600
(46,750)
(4,250)
(14,500)
(20,000)
(3,800)
7,300
6,150
(3,700)
*Assume the $179 property placed in service limitation does not apply.
Problem 09-59 Part b (Algo)
b. What are Georgio's separately stated items for the year?
Description
Separately Stated Items on Schedule K-1:
Total
Amount
Allocated
to Georgio](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F91ba0be7-c989-4ed1-87f7-cad6a66ce322%2Fc84d41d7-2eac-47f7-a3b8-a04ee030355b%2Fu6dbgwl_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 09-59 (LO 09-4) (Algo)
[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 (51231)
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
$ 85,000
13,600
(46,750)
(4,250)
(14,500)
(20,000)
(3,800)
7,300
6,150
(3,700)
*Assume the $179 property placed in service limitation does not apply.
Problem 09-59 Part b (Algo)
b. What are Georgio's separately stated items for the year?
Description
Separately Stated Items on Schedule K-1:
Total
Amount
Allocated
to Georgio
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