5. Samantha is a 30% general partner in the calendar year, cash basis Carillon Ringers...
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5. Samantha is a 30% general partner in the calendar year, cash basis Carillon Ringers Partnership. Her basis in her partnership interest at the beginning of 2020 was $100,000. The partnership has no debts. During 2020, the partnership received $175,000 income from services and paid the following amounts:
Rent Expenses $17,000
General and Administrative Expenses $25,000
Salary Expenses to employees $36,000
Guaranteed Payment to Samantha for management services $27,000
Distributions to partners (Samantha received $4,500) $16,000
Guaranteed Payment to 40% partner Warren for annual Tax and Accounting Services $15,000
Charitable Contribution to United Way $5,000
a. What is Carillons ordinary income and separately stated items?
b. What will Samantha report on her tax return as a result of Carillons activities?
c. What is Samanthas end of year basis in her partnership interest?
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