Below is the BOOK income statement of the McLintock General Partnership:

The PS had held the stock $2$ years.

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.$

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.$

Tax depreciation for the year is $$36,000.$

The PS incurred a fine of $$900$ for late payment of payroll tax expense.

The PS paid $$4,000$ in key man life insurance premiums.

The beginning and ending balance of the ADA account was $$1,700$ and $$1,500,$ respectively.

The PS properly deducted all of its organization costs in the year it was formed.