Mark and Pamela are equal partners in MP Partnership. The partnership, Mark, and Pamela are calendar year taxpayers. The partnership incurred the following items in the current year:

a. Compute the partnership€™s ordinary income and separately stated items.
b. Show Mark€™s and Pamela€™s shares of the items in Part a.
c. Compute Mark€™s and Pamela€™s ending basis in their partnership interests assuming their beginning balances are $150,000 each.

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Sales S450,000 210,000 Cost of goods sold Dividends on corporate investments Tax-exempt interest income Sec. 1245 gain (recapture) on equipment sale Sec, 1231 gain on equipment sale Long-term capital gain on stock sale Long-term capital loss on stock sale Short-term capital loss on stock sale Depreciation (no Sec. 179 or bonus depreciation components Guaranteed payment to Pamela Meals and entertainment expenses Interest expense on loans alloc able to: 15,000 4.000 33,000 18,000 12,000 10,000 9,000 27,000 30,000 11,600 Business debt 42,000 Stock investments 9,200 Tax-exempt bonds 2,800 Principal payment on business loan 14,000 Charitable contributions 5,000 Distributions to partners (S40,000 each) 80,000