Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following...
Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year:
| Revenue | $600,000 |
| Business expenses | 310,000 |
| Investment expenses | 150,000 |
| Short-term capital gains | 157,000 |
| Short-term capital losses | (213,000) |
Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. How must each individual report these results on her Form 1040?
Homework Answers
| Revenue | $600000 |
| Less: Business expense | $310000 |
| Ordinary income | $290000 |
| $290000*1/3 | |
| $96667 | |
| ordinary income will be reported as $96667 | |
| Short term capital gain | $157000 |
| Short term capital loss | ($213000) |
| Net short term capital loss | ($56000) |
| ($56000)*1/3 | |
| ($18667) | |
| Loss of short term capital will be reported as $18667 | |
| Investment expense | $150000 |
| $150000/3 | |
| $50000 | |
| Itemized deduction will be reported as $50000 | |
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