2) For the following items of income and expense for SL partnership, indicate whether the item is ordinary (O) or separately stated (SS):

Gain from sale of musical guitar $20,000

Sale of concert tickets $450,000

Travel expenses $60,000

Section 179 expense for new musical instrument acquired $35,000

Advertising expenses $30,000

Interest income earned on excess cash from ticket sales $4,000

Contribution of cash to charity $3,000

Bad debt from write-off of receivable due from concert promoter $20,000

Foreign taxes paid $6,000

Rent expense at arena $25,000

Guaranteed payment to Stevie and Lindsey of $60,000 each

If you indicated SS, explain why this particular item would need to be separately stated.