Required information [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 Tre revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (§1231) 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 $ 92,000 19,500 (48,000) (6,650) (17,100) (13,900) (4,500) 7,000 5,250 (5,700)
Required information [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 Tre revenues, expenses, gains, and losses: Sales revenue Gain on sale of land (§1231) 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 $ 92,000 19,500 (48,000) (6,650) (17,100) (13,900) (4,500) 7,000 5,250 (5,700)
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 35P
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