Homework Answers
| Nature of Expenses |
Included in Ordinary Income or Separately Stated |
Ordinary Income Amount |
Remarks |
| Rental Real Estate Income | Separately Stated | 0 | This is not directly related to Business, will be showed separately. |
| Sales Revenue | Ordinary Income | $82000 | This is Normal course of Business Revenue as a part of day to day Business Activity and directly related. |
| 1245 recapture income | Separately Stated | 0 | This is not directly related to Business, will be showed separately. |
| Interest Income | Separately Stated | 0 | This is not directly related to Business, will be showed separately. |
| Cost of Goods Sold | Ordinary Cost | $(33000) | This is Normal course of Business Cost as a part of day to day Business Activity and directly related. |
| Depreciation - MACRS | Ordinary Cost | $(18000) | This is Normal course of Business Cost as a part of day to day Business Activity and directly related. |
| Supplies Expense | Ordinary Cost | $(8000) | This is Normal course of Business Cost as a part of day to day Business Activity and directly related. |
| Employee Wages | Ordinary Cost | $(5000) | This is Normal course of Business Cost as a part of day to day Business Activity and directly related. |
| Investment Interest Expense | Separately Stated | 0 | This is not directly related to Business, will be showed separately. |
|
Partner's medical insurance premiums paid by Hoki Poki |
Separately Stated | 0 | This is not directly related to Business, will be showed separately.This is like partner's personal expense paid by the Firm. |
| Ordinary Income | $18000 |
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Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
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