[Anonymous]

I am very confused when going through the ninja audio and notes on page 29…

ITEMS NOT DEDUCTIBLE ON SCHEDULE K

– Foreign Tax Paid

– Investment Interest Expense

– 179 Expense

-Charitable Contributions

Because when I look at the chart on R4-15 for Becker these items ARE presented on the form K and K-1

ITEMS NOT COUNTED AS INCOME ON SCHEDULE K

– Passive Income

– Portfolio Income

– 1231 G/L

Are they referring to “ordinary income?”

Any help would be greatly appreciated.

[jeff]

Check this out – Form 1065 on schedule K … on page 5 you'll see that 12-13d are excluded

https://www.irs.gov/pub/irs-pdf/f1065.pdf

Also – hopefully I am saying “Schedule K” – not Schedule A – If so, that's a snafu.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jeff]

Check this out – Form 1065 on schedule K … on page 5 you'll see that 12-13d are excluded

https://www.irs.gov/pub/irs-pdf/f1065.pdf

Also – hopefully I am saying “Schedule K” – not Schedule A – If so, that's a snafu.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Gerg, CPA]

it means that they are not included in ordinary income, and are separately stated on Schedules K & K-1. The passive income part is likely referring the rental real estate income, which again is separately stated on Schedules K & K-1

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Gerg, CPA]

it means that they are not included in ordinary income, and are separately stated on Schedules K & K-1. The passive income part is likely referring the rental real estate income, which again is separately stated on Schedules K & K-1

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Anonymous]

Can you please clarify then what is NOT separately stated? And what is the difference between schedule K and K-1? I know K-1 is for an individual partner, but is K the aggregate of all partners?

[Anonymous]

Can you please clarify then what is NOT separately stated? And what is the difference between schedule K and K-1? I know K-1 is for an individual partner, but is K the aggregate of all partners?

[Gerg, CPA]

i would suggest checking out the link that jeff posted to the actual partnership form. page 1 is everything that is included in ordinary income (not separately stated), and page 4 (schedule k) is everything that is separately stated. and the total from page 1 goes to Line 1 of the Schedule K.

Schedule K-1 is for an individual partner and Schedule K is the aggregate, yes. Schedule K's line items will equal the total of all Schedule K-1's

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Gerg, CPA]

i would suggest checking out the link that jeff posted to the actual partnership form. page 1 is everything that is included in ordinary income (not separately stated), and page 4 (schedule k) is everything that is separately stated. and the total from page 1 goes to Line 1 of the Schedule K.

Schedule K-1 is for an individual partner and Schedule K is the aggregate, yes. Schedule K's line items will equal the total of all Schedule K-1's

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Author]

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