Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their begin basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income $336,123 Interest income 1,259 4,586 Dividend income (qualified) Long-term capital gains Total revenue 13,458 $355,426 Expenses Salaries and wages (nonpartners) Guaranteed payments Williams $ 47,000 75,000 50,000 Johnson Depreciation (MACRS-includes $9,000 § 179 expense) 41,888
Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their begin basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income $336,123 Interest income 1,259 4,586 Dividend income (qualified) Long-term capital gains Total revenue 13,458 $355,426 Expenses Salaries and wages (nonpartners) Guaranteed payments Williams $ 47,000 75,000 50,000 Johnson Depreciation (MACRS-includes $9,000 § 179 expense) 41,888
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BCRQ
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What is the ending basis for Phil Williams and Liz Johnson? (Round your intermediate calculations to nearest whole dollar value.)
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