Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution Required: $ 28,000 (4,500) 1,650 6,000 a. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. b. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. Net impact on taxable income < Required A Required B >
Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income Section 1231 loss Nondeductible expense Cash distribution Required: $ 28,000 (4,500) 1,650 6,000 a. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. b. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in Megawatt. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI deduction. Net impact on taxable income < Required A Required B >
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:Rochelle is a limited partner in Megawatt Partnership. For 2023, her schedule K-1 from the partnership reported the following share of
partnership items:
Ordinary income
Section 1231 loss
Nondeductible expense
Cash distribution
Required:
$ 28,000
(4,500)
1,650
6,000
a. Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the QBI
deduction.
b. Assume that Rochelle's marginal tax rate is 35 percent. Calculate her 2023 after-tax cash flow as a result of her interest in
Megawatt.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate the net impact of the given items on Rochelle's 2023 taxable income. Assume that Rochelle does not qualify for the
QBI deduction.
Net impact on taxable income
< Required A
Required B >
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