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The dairy partnership is owned equally to dan and...

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The dairy partnership is owned equally to dan and jim. jims basis is 14,000 at the beginning of the tax year. dans basis is 9,000 at the beginning of the tax year. Dairy partnership reported the following income and expenses for the current tax year: Sales 90,000 Cogs 45,000 guaranteed payment to dan 24,000 depreciation expense 12,500 utilities 15,000 rent expense 16,000 interest income 3,000 tax exempt interest income 4,500 payment for jims medical expenses 10,000 (Jims basis of 14,000 includes his share of partnership liabilities) A. Determine the ordinary partnership income (loss) and separately stated items for the partnership. b.Calculate Dans basis in his partnership interest at the end of the tax year. What items should dan report on his Federal income tax return c. calculate Jim's basis in his partnership interest at the end of the tax year. What items should Jim report on his Federal income tax return.,I need this by 1pm today not tomorrow morning.

 

Paper#4825 | Written in 18-Jul-2015

Price : $25
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