Partnership Activities. (Obj. 2) Indicate how each of the following items is rep

Question

Partnership Activities. (Obj. 2) Indicate how each of the following items is reported on the partnership tax return by placing a check mark in the appropriate column. 4. Ordinary Income Separately Stated Item a. Rent received from rental property b. Short-term loss on the sale of a capital asset c. Dividends received from a U.S. corporation d. Contribution to the Red Cross e. Guaranteed payments to partners f. Section 179 expense g. Interest expense on a business loan h. Annual business license i. Interest income from a municipal bond j. Property taxes on partnership assets

Explanation / Answer

Item Ordinary Separate a No yes b No yes c No yes d No yes e Yes yes f No yes g Yes No h Yes No i No yes j Yes No

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