The XYZ Partnership reports the following items during 2015:
Sales..............................................................................................................$400,000
Cost of goods sold.........................................................................................120,000
Dividends—all qualified....................................................................................6,000
Interest income on certificate of deposit held as an investment................2,000
Tax-exempt interest..........................................................................................1,500
Salaries to employees...................................................................................130,000
Federal employment taxes...............................................................................9,000
Rental expense...................................................................................................5,000
Guaranteed payments to partners................................................................40,000
Net long-term capital gain...............................................................................12,000
Net short-term capital loss................................................................................5,000
Repairs.................................................................................................................3,000
MACRS depreciation........................................................................................10,000
Section 1231 losses............................................................................................8,000
Charitable contributions....................................................................................3,500
Amortization of organizational expenditures.................................................1,000
Research and experimentation credit..............................................................2,500
Cash distributions to partners........................................................................20,000

Calculate ordinary income (or loss) by completing page 1 of Form 1065, and complete Schedule K (Partners’ Shares of Income, Credits, Deductions, etc.). Leave spaces blank on Form 1065 if information is not provided.