Maria Partnership had the following information for the year ending December 31, 2022: Gross Receipts (Sales)-$600,000; Cost Of Goods Sold- $320,000; Operating Expenses- $88,000; Charitable Contributions-$2,000; Section 1231 Gain-$1,600; Section 1245 Gain $900; Dividends - $800. Maria Partnership's Ordinary Income (ie. Nonseparately Stated Income) for the year of 2022 is: O $192,900. O $195,300. O $192,000. O $193,700.
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- The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 47,400 $ 47,400 Accounts receivable 15,800 31,600 Inventory 84,000 124,200 Totals $ 147,200 $ 203,200 On December 31, Taurin distributes $15,800 of cash, $10,533 (FMV) of accounts receivable, and $41,400 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $41,767. Required: c1. If Emma's basis before the distribution was $57,517 rather than $41,767, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets ?The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 48,360 $ 48,360 Accounts receivable 16,120 32,240 Inventory 85,200 125,880 Totals $ 149,680 $ 206,480 On December 31, Taurin distributes $16,120 of cash, $10,747 (FMV) of accounts receivable, and $41,960 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,473. c1. If Emma's basis before the distribution was $58,523 rather than $42,473, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets?[The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 46,200 $ 46,200 Accounts receivable 15,400 30,800 Inventory 82,500 122,100 Totals $ 144,100 $ 199,100 On December 31, Taurin distributes $15,400 of cash, $10,267 (FMV) of accounts receivable, and $40,700 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma’s basis in her partnership interest immediately prior to the distribution is $40,883. c1. If Emma’s basis before the distribution was $56,258 rather than $40,883, what is Emma’s recognized gain or loss? c2. What is her basis in the distributed assets?
- ! Required information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $40,530. $ b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS? Use Philippine tax laxRequired Information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 45,000 15,000 FMV $ 45,008 30,e00 Cash Accounts receivable Inventory 81,800 120,000 $ 195,e00 Totals $ 141,800 On December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts recelvable, and $40,000 (FMV) of Inventory to Emma (a one-third partner) In termination of her partnership Interest. Emma's basis in her partnership Interest Immediately prior to the distribution is $40,000. c1. If Emma's basis before the distribution was $55,000 rather than $40,000, what Is Emma's recognized galn or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is her basis in the distributed assets? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar…
- Accounting Mr and Mrs. Klein’s joint return reports $285,000 salaries and $15,000 qualified dividends. Their taxable income is $270,000. Compute the couple’s total tax liability for the current year including both their income tax and net investment income tax, if applicable..On January 1, 2024, John Jarell, Andrew Martin, and Susan Montgomery formed a partnership by investing $100,000, $100,000, and $120,000 respectively. During the remainder of the year, John Jarell withdrew cash of $45,000, Andrew Martin withdrew $15,000 and Susan Montgomery withdrew $39,000. In addition, the following schedule shows how net income is allocated. Net income: Salaries: Interest: John Jarell Andrew Martin Susan Montgomery Total 100,000 21,000 5,000 26,000 Total salary and interest: Remainder to be allocated: Remainder allocated between partners: 8,000 Balance of net income to be allocated: Total to be allocated to each partner: Date 34,000 18,000 5,000 23,000 8,000 31,000 Page GJ2 F Debit Credit 21,000 6,000 27,000 b) Calculate the post-closing balance in each partners' capital account. John Jarell, Capital Andrew Martin, Capital Susan Montgomery, Capital. 8,000 35,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in…During the current year, ARC Partnership reported the following items of receipts and expenditures: $500,000 sales, $50,000 utilities, $90,000 rent, $200,000 salaries to employees, $50,000 guaranteed payment to partner Mitchell, investment interest income of $4,000, a charitable contribution of $10,000, and a distribution of $40,000 to partner Rowan. Also, Ava received a $30,000 distribution. Ava is a 50% partner. What items will be reflected on Ava’s Schedule K-1? Assuming Ava’s outside basis at the beginning of the year is $100,000. What will be her ending outside basis at the end of this fiscal year? Is her distribution taxable? If so will it be taxable at her tax rate or at the partnerships?
- Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year. Net income $110,000 Rodgers Winter Total Division of net income: Salary allowance $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Interest allowance fill in the blank 4 fill in the blank 5 fill in the blank 6 Total fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 13 Net income $fill in the blank 14 $fill in the…Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year. excess allowance over net inome/remaining income Net income $110,000 Rodgers Winter Total Division of net income: Salary allowance $ $ $ Interest allowance Total Net income $ $ $ b. Assuming that the net income had been $65,000 instead of $110,000, present the Division of net income section of the income statement for the current year. excess allowance over net…Juan Diego began the year with a tax basis in his partnership interest of $53,800. During the year, he was allocated $21,520 of partnership ordinary business income, $75,320 of §1231 losses, and $32,280 of short-term capital losses and received a cash distribution of $53,800. Note: Do not round intermediate calculations. a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Regulations §1.704-1(d)(2) and Revenue Rule 66-94.] b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint: See Regulations §1.704-1(d).]