Austin & Becker is an electing large partnership. During the current year, the partnership has the following
Question:
Ordinary income ………………………………………. $5,200,000
Rental loss ……………………………………………… (2,000,000)
Long-term capital loss from investments ………………. (437,100)
Short-term capital gain from investments ………………. 827,400
Charitable contributions ………………………………… 164,000
a. What ordinary income will Austin & Becker report?
b. What are the separately stated items for Austin & Becker?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For 
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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