What are georgio separately stated items for the year

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Question - Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain Tree had the following revenues, expenses, gains, and losses:

Sales revenue

$70,000

Gain on sale of land (§1231)

11,000

Cost of goods sold

(26,000)

Depreciation-MACRS

(3,000)

§179 deduction*

(10,000)

Employee wages

(11,000)

Nondeductible fines and penalties

(3,000)

Municipal bond interest

6,000

Short-term capital gains

4,000

Guaranteed payment to Sandra

(3,000)

*Assume the §179 property placed in service limitation does not apply.

a. How much ordinary business income (loss) is allocated to Georgio for the year?

b. What are Georgio's separately stated items for the year?

Assume the §179 property placed in service limitation does not apply.

c. How much ordinary business income (loss) is allocated to Georgio for the year?

d. What are Georgio's separately stated items for the year?

Reference no: EM133168954

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