Shirelle and Newman are each 50% partners of a business that operates as a partnership. The business reports the following results Revenue Business expenses Investment expenses Short-term capital gains Short-term capital losses $ 94,000 51,700 9,750 15,500 (22,100) Required: How do Shirelle and Newman report these items for tax purposes in the following schedules? Note: Negative amounts should be indicated by a minus sign. Amount Schedule A Schedule D Schedule E

Shirelle and Newman are each 50% partners of a business that operates as a partnership. The business reports the following results Revenue Business expenses Investment expenses Short-term capital gains Short-term capital losses $ 94,000 51,700 9,750 15,500 (22,100) Required: How do Shirelle and Newman report these items for tax purposes in the following schedules? Note: Negative amounts should be indicated by a minus sign. Amount Schedule A Schedule D Schedule E

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! 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 15,240
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Problem Mr. Renato and Mr. Walter, both married and are certified public accountants, formed general professional partnership during the current taxable year to render consultancy services to the public. The partners share profits and losses equally. The result of the partnership's operation showed the following data: Gross receipt from clients Costs of services P 1,000,000 300,000 Business expenses 240,000 Additional information provided: a. Mr. Renato, married with three qualified dependent children, has other income derived from business as follows: P 400,000 120,000 80,000 Gross sales Costs of expenses Operating taxes b. Travelling expenses incurred by the partners related to GPP's operation, which were neither claimed by the GPP as deduction income nor liquidated by the partnership: 15,000 10,000 Mr. Renato Mr. Walter c. Mr. Walter, married with five qualified dependents, received compensation income of P 250,000 as part -time college professor. Required: Determine the net taxable…
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