A partner owns a 25-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit.

 

 

1) Calculate the partner's distributive shares of partnership ordinary income or loss. 

 

2) Calculate the partner's distributive shares of separately stated items. 

Gross sales Cost of goods sold Wages Net Section 1231 gain Casualty loss Interest Depreciation Business bad debt Charitable contributions $400,000 220,000 100,000 50,000 10,000 5,000 20,000 5,000 5,000