a) What is the ordinary income of the partnership? b) What are the separately stated items of the partnership? (HINT: Don't forget to include the tax exempt and nondeductible items.) (HINT: Properiy label items. Don't say "gain on the sale of stock." Say "LTCG." Don't say "key man insurance premiums," say "NONDEDUCTIBLE key man insurance premiums:") c) Is the OI the same thing as TI? If not, what is the Tl of the PS? d) Reconcile BI to TI using this format: Book income: $218,600 Taxable income: (HINT: I count 10 BT differences and T is $396,800. ) Below is the BOOK income statement of the McLintock General Partnership: 1. The stock sold has the same book value as its tax AB. The PS had held the stock 2 years. 2. The PS sold equipment for $40,000. The equipment had originally cost $60,000 and the PS had taken $22,000 in book depreciation. Tax depreciation had been $44,000. 3. The PS sold a building that it used in its business for $175,000. The PS had originally purchased the building for $170,000 and had taken $10,000 of book depreciation. Tax depreciation taken was $20,000. 4. Tax depreciation for the year is $36,000. 5. The PS incurred a fine of $900 for late payment of payroll tax expense. 6. The PS paid $4,000 in key man life insurance premiums. 7. The beginning and ending balance of the ADA account was $1,700 and $1,500, respectively. 8. The PS properly deducted all of its organization costs in the year it was formed