RZNY, LP., is a calendar-year, cash-basis limited partnership. Marc Liu, an individual, owns a 55% interest in RZNY as a general partner. During Year 1, RZNY had the following results:
Sales - $10,000,000
Cost of goods sold - $7,000,000
General and administrative costs - $1,500,000
Guaranteed payment to Marc Liu - $112,000
Dividend income - $100,000
$30,000 of dividend income is qualified
Interest income - $200,000
$20,000 of interest is municipal bond interest
Distributions to Marc Liu - $70,000
Proceeds - $30,000 for the sale of securities acquired February 1, Year 1, for $20,000 and sold on June 30, Year 1
Proceeds - $30,000 for the sale of an asset used in the course of business, which was acquired 3 years prior for $50,000 and was sold on September 1, Year 1
Adjusted tax basis on September 1, Year 1, was $35,000.
Required:
Write down the components of Marc Liu's Schedule K-1, Partner's Share of Income, Deductions, Credits, etc., for Year 1.
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RZNY, LP., is a calendar-year, cash-basis limited partnership. Marc Liu, an individual, owns a 55% i...
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