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Andy, Azim, and Ashwin operate the Triple-A Steak House, a popular restaurant and bar. The three, who have been friends since childhood, are equal partners
Andy, Azim, and Ashwin operate the Triple-A Steak House, a popular restaurant and bar. The three, who have been friends since childhood, are equal partners in the establishment. For the year, Triple-A reports the following: Sales revenues $777,000 Short-term capital gains 27,000 Short-term capital losses (15,000) Business expenses (555,000) Charitable contributions (6,600) Taxable income $227,400 Since Andy, Azim, and Ashwin are equal partners, the Triple-A partnership will report the following amounts to each partner: Taxable ordinary income 222,000 x Short-term capital gain Short-term capital loss dll Charitable contributions
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