Capital Gains and Losses (LO. 5). Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and Michelle, share profits and losses 30:35:35. Ozzello has the following results for the current year: Management fees. $230,800 Long-term gain on sale of investments 24,800 Short-term loss on sale of investments 3,000 Salaries paid to employees 67,500 Office rent 40,100 Office expenses 19,000 Determine each partner's share of Ozzello's taxable income for the current year. Business income Long-term capital gain Short-term capital loss (30%) Lorenzo (35%) Erwin (35%) Michelle