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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership....

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Accounting

Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2022 activities:
Sales revenue $ 915,000
Selling expenses 366,000
Depreciation expense 46,500
Long-term capital gain 9,900
Nondeductible expenses 2,800
Partnership debts, beginning of the year 131,000
Partnership debts, end of the year 160,600
Partnership distributions
Jayanthi 65,500
Krish 65,500
Required:
a1. Calculate the partnerships ordinary (nonseparately stated) income.
a2. Indicate which items must be separately stated by selecting "Yes" and which items must not be separately stated by selecting "No".
b. Calculate Jayanthis allocable share of partnership items.
c. If Jayanthi has no other sources of taxable income, what is her total gross income for 2022?
d. At the beginning of the year, Jayanthis adjusted tax basis in her partnership interest was $37,500. Calculate her ending adjusted tax basis in her partnership interest.

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