ABC partnership has net income per books of $$63,000$ computed as follows:

Net sales

$$122,000$

Sec. $1245$ recapture

$18,000$

Long$-$term capital gain

$15,000$

Charitable contributions

$10,000$

Administrative expenses

$82,000$

$----------$

BOOK INCOME

$ $63,000$

The partnership bottom line Ordinary income is $$58,000($$$122,000+$ $$18,000-$ $$82,000).$

The long$-$term capital gain and the charitable contributions are separately stated items.

Group of answer choices

True

False