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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

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

Question Posted: