Читать книгу Taxation Essentials of LLCs and Partnerships - Larry Tunnell - Страница 30

The JD Partnership reported the following items of income, gain, loss, and deduction for the current year:

Sales	$450,000
Cost of goods sold	(150,000)
Gross profit	$300,000
Long-term capital gains (net)	15,000
Interest income	7,000
Salaries paid to employees	(50,000)
Depreciation expense	(25,000)
Taxes (payroll and property taxes paid to the state)	(18,000)
Charitable contributions	(10,000)

J and D are each 50% partners. The partnership will report ordinary business income of $207,000 ($300,000 – 50,000 – 25,000 – 18,000) on page 1 of Form 1065. This amount will be carried to Schedule K (line 1), which will also report, on separate lines, the partnership's long-term capital gains of $15,000, interest income of $7,000 and charitable contributions of ($10,000). Each of the partners will receive a Schedule K-1 (see the appendix to this course for a sample) showing his or her $103,500 share of partnership ordinary income, $7,500 share of partnership long-term capital gain, $3,500 share of partnership interest income and ($5,000) share of partnership charitable contributions. This result is illustrated in the following table:

Description	Form 1065, p.1	Schedule K	Schedule K-1, J	Schedule K-1, D
Net ordinary business income	$207,000	$207,000	$103,500	$103,500
Separately stated items:
Long-term capital gains		15,000	7,500	7,500
Interest income		7,000	3,500	3,500
Charitable contributions		10,000	5,000	5,000
Analysis of net income (Loss)			$219,000