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Chapter 9 Problem XYZ is a partnership owned equally by Tom and Alice. The partnership had the following revenues and expenses this year. A. Which
Chapter 9 Problem XYZ is a partnership owned equally by Tom and Alice. The partnership had the following revenues and expenses this year. A. Which of the following items are separately stated and give the amount for each? B. Which items are Non-separately stated and give the amount for each? C. What is each partner's distributive share of ordinary income? Revenues $500,000 Salary expense (non-partners) 250,000 Supplies 40,000 Insurance 50,000 Depreciation (no Sec. 179 amounts) 10,000 Dividend income 2,000 Long-term capital gain 30,000
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