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5. Samantha is a 30% general partner in the calendar year, cash basis Carillon Ringers...

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Accounting

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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