the kl partnership is owned equally by kayla and lisa kayla rsquo s basis is 20 000 699212

The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is $20,000 at the beginning of the tax year. Lisa’s basis is $16,000 at the beginning of the year. KL reported the following income and expenses for the current tax year:

Sales revenue Don't use plagiarized sources. Get Your Custom Essay on the kl partnership is owned equally by kayla and lisa kayla rsquo s basis is 20 000 699212 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Order Essay	$150,000
Cost of sales	80,000
Distribution to Lisa	15,000
Depreciation expense	20,000
Utilities	14,000
Rent expense	18,000
Long term capital gain	6,000
Payment to Mercy Hospital for Kayla’s medical
expenses	12,000

a. Determine the ordinary partnership income and separately stated items for the partnership.

b. Calculate Kayla’s basis in her partnership interest at the end of the tax year. What items should Kayla report on her Federal income tax return?

c. Calculate Lisa’s basis in her partnership interest at the end of the tax year. What items should Lisa report on her Federal income tax return?

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