Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue .....................................................................................$40,000 Long-term capital
Question:
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales revenue .....................................................................................$40,000
Long-term capital gains ...................................................................... $2,000
Cost of goods sold ............................................................................ ($13,000)
Depreciation - MACRS ........................................................................ ($3,000)
Amortization of organization costs ................................................... ($1,000)
Guaranteed payments to partners for general management ...... ($10,000)
Cash distributions to partners..............................................................($2,000)
Given these items, what is Turtle Creek's ordinary business income (loss) for the year?
Step by Step Answer:
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver