Tax (HELP Plz)
posted by Kiran on .
Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year:
Cost of Goods Sold 105,000
Guaranteed Payment to Ron Richards 25,000
Interest Expense 1,000
Tax-Exempt Income 1,500
Health Insurance Premiums for Jim Johnson 700
Health Insurance Premiums for Ron Richards 700
Calculate Jim’s share of ordinary income from the partnership. Calculate Jim’s share of separately stated items that will appear on his Schedule K-1 from Richards and Johnson, LLP.
i need help with this please