Skip to content

47. The KL Partnership is owned equally by Kayla and Lisa. Â

    47. 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$150,000Cost of sales80,000Distribution to Lisa15,000Depreciation expense20,000Utilities14,000Rent expense18,000Long-term capital gain6,000Payments to Mercy Hospital for Kayla’s medical expenses12,000a.Determine the ordinary partnership income and separately stated items for the partnershipb.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?

    You can hire someone to answer this question! Yes, assignist.com has paper writers, dedicated to completing research and summaries, critical thinking tasks, essays, coursework, and other homework tasks. Its fast and safe.

    >>>ORDER NOW SECURELY–HIRE A PAPER WRITER<<<