Description of this paper

The attached question was asked once, but not corr...

Description

Solution


Question

The attached question was asked once, but not correctly. Check figures are as follows: Book Income = 1,108,800 Taxable Income = 2,629,600 Schedule M-1's (as follows): Guaranteed Payments = 1,500,000 Meals & Entertainment = 24,000 Tax Exempt Interest = 3,200 Schedule K (as follows)----you will need to allocate the appropriate % of each of these items to each of the members (partners): Ordinary Business Income = 1,152,000 Guaranteed Payments = 1,500,000 Interest Income = 1,600 Net Short Term Capital Loss = (12,000) Net Long Term Capital Gain = 16,000

 

Paper#4524 | Written in 18-Jul-2015

Price : $25
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