Shirelle and Newman are each 50% partners of a business that operates as a partn

Question

Shirelle and Newman are each 50% partners of a business that operates as a partnership. The business reports the following results:

How do Shirelle and Newman report these items for tax purposes in the following schedules? (Negative amounts should be indicated by a minus sign.)

Shirelle and Newman are each 50% partners of a business that operates as a partnership. The business reports the following results:

Revenue $ 76,000 Business expenses 53,200 Investment expenses 6,250 Short-term capital gains 9,500 Short-term capital losses (14,900 )

How do Shirelle and Newman report these items for tax purposes in the following schedules? (Negative amounts should be indicated by a minus sign.)

Schedule A Schedule D Schedule E

Explanation / Answer

Schedule -A $3,125.00 ($6250*50%) Schedule E $11,400.00 ($76000-$53200)*50% Schedule D $9500+($14900)*50% ($2,700)

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