Which of the following would not be classified as a separately stated item?
A)Short-term capital gains
B)Charitable contributions
C)MACRS depreciation expense
D)Guaranteed payments

Question

Quizplus · Accepted Answer

MACRS depreciation expense is not classified as a separately stated item because it is already a component of the partnership's overall taxable income/loss. Separately stated items include items that must be reported separately to the partners and can affect their individual tax liabilities. Short-term capital gains, charitable contributions, and guaranteed payments are all examples of separately stated items.

Which of the Following Would Not Be Classified as a Separately