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JBean and D BList All of the Other Items That Need to Be

Question 34

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J.Bean and D.Counter formed a partnership.During the current year,the partnership had the following income and expenses:
a.Calculate the net ordinary income.
 Gross income from operations $135,000 Gain on sale of antique abacus (a business asset) $5,000 Interest income from business bank account $100 Deductions:  Salaries to employees $65,000 Payroll taxes $5,000 Rent $7,000 Depreciation $3,500 Contribution to United Way charity $2,000 Foreign tax paid on overseas business deals $3,000 Distributions to the partners $40,000\begin{array}{ll}\text { Gross income from operations } & \$ 135,000 \\\text { Gain on sale of antique abacus (a business asset) } & \$ 5,000 \\\text { Interest income from business bank account } & \$ 100\\\text { Deductions: }\\\text { Salaries to employees } & \$ 65,000 \\\text { Payroll taxes } & \$ 5,000 \\\text { Rent } & \$ 7,000 \\\text { Depreciation } & \$ 3,500 \\\text { Contribution to United Way charity } & \$ 2,000\\\text { Foreign tax paid on overseas business deals }&\$3,000\\\text { Distributions to the partners }&\$40,000\end{array}
b.List all of the other items that need to be separately reported.
c.If the partnership is on a calendar year tax basis,when is the partnership tax return due?

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blured image c.It is due on Apri...

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