Ariel, Bob, Candice and Dmitri are equal partners in a local ski resort. The resort reports the f… 1 answer below »

Ariel, Bob, Candice and Dmitri are equal partners in a local ski resort. The resort reports the following items for the current year: Business revenue $ 1,200,000 Business expenses 750,000 Short-term capital gains 107,000 Short-term capital losses (103,000 )

Each partner receives a Schedule K-1 with one-fourth of the preceding items reported to him/her. How must each individual report these results on his/her Form 1040?

$1,200,000 income on Schedule E; $107,000 short-term capital gain on Schedule D

$112,500 income on Schedule E; $1,000 short-term capital gain on Schedule D

$300,000 income on Schedule E; $26,750 short-term capital gain on Schedule D

$100,000 income on Schedule E; $1,000 short-term capital gain on Schedule D

"Is this question part of your assignment? We can help"

ORDER NOW