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Category > Accounting Posted 07 May 2017 My Price 7.00

The KL Partnership is owned equally by Kayla and Lisa

 

The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is $20,000 at the beginning of the tax year. Lisa’s basis is $16,000 at the beginning of the year. KL reported the following income and expenses for the current tax year:

Sales revenue

$150,000

Cost of sales

80,000

Distribution to Lisa

15,000

Depreciation expense

20,000

Utilities

14,000

Rent expense

18,000

Long-term capital gain

6,000

Payment to Mercy Hospital for Kayla’s medical

 

expenses

12,000

a. Determine the ordinary partnership income and separately stated items for the partnership.

b. Calculate Kayla’s basis in her partnership interest at the end of the tax year. What items should Kayla report on her Federal income tax return?

c. Calculate Lisa’s basis in her partnership interest at the end of the tax year. What items should Lisa report on her Federal income tax return?

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 07 May 2017 11:05 AM My Price 7.00

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Attachments

file 1494156113-Answer.docx preview (178 words )
T-----------he -----------KL -----------Par-----------tne-----------rsh-----------ip -----------is -----------own-----------ed -----------equ-----------all-----------y b-----------y K-----------ayl-----------a a-----------nd -----------Lis-----------a. -----------Kay-----------laâ-----------€™s----------- ba-----------sis----------- is----------- $2-----------0,0-----------00 -----------at -----------the----------- be-----------gin-----------nin-----------g o-----------f t-----------he -----------tax----------- ye-----------ar.----------- Li-----------saâ-----------€™s----------- ba-----------sis----------- is----------- $1-----------6,0-----------00 -----------at -----------the----------- be-----------gin-----------nin-----------g o-----------f t-----------he -----------yea-----------r. -----------KL -----------rep-----------ort-----------ed -----------the----------- fo-----------llo-----------win-----------g i-----------nco-----------me -----------and----------- ex-----------pen-----------ses----------- fo-----------r t-----------he -----------cur-----------ren-----------t t-----------ax -----------yea-----------r: ----------- Sa-----------les----------- re-----------ven-----------ue -----------$15-----------0,0-----------00 ----------- Co-----------st -----------of -----------sal-----------es -----------80,-----------000----------- D-----------ist-----------rib-----------uti-----------on -----------to -----------Lis-----------a 1-----------5,0-----------00 ----------- De-----------pre-----------cia-----------tio-----------n e-----------xpe-----------nse----------- 20-----------,00-----------0 -----------Uti-----------lit-----------ies----------- 14-----------,00-----------0 -----------Ren-----------t e-----------xpe-----------nse----------- 18-----------,00-----------0 -----------Lon-----------g-t-----------erm----------- ca-----------pit-----------al -----------gai-----------n 6-----------,00-----------0 -----------Pay-----------men-----------t t-----------o M-----------erc-----------y
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