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 (sec 1231) $11,000 Costs of Goods Sold (26,000) Depreciation- MACRS (3,000) Sec 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) How much ordinary business income (loss) is allocated to Gorgio for the year? What are Georgio’s separately stated items for the yea
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 (sec 1231) $11,000
Costs of Goods Sold (26,000)
Sec 179 deduction (10,000)
Employee wages (11,000)
Nondeductible fines and penalties (3,000)
Municipal Bond interest 6,000
Short -term
Guaranteed payment to Sandra (3,000)
- How much ordinary business income (loss) is allocated to Gorgio for the year?
- What are Georgio’s separately stated items for the year?
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