Solution-What are georgio separately stated items for the

What are georgio separately stated items for the year

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Reference no: EM133168954

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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What are georgio separately stated items for the year

Reference no: EM133168954

Reference no: EM133168954

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