Dora and Boots are equal partners in the Grumpy Old Troll Partnership.The partnership has the following revenues,
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Dora and Boots are equal partners in the Grumpy Old Troll Partnership.The partnership has the following revenues, expenses, gains, losses, and distributions:
Sales revenue
$100,000
Long-term capital gains
4,000
Cost of goods sold
(24,000)
Depreciation - MACRS
(12,000)
Guaranteed payment to Dora
(30,000)
Cash distributions to partners
(4,000)
How much ordinary income will be allocated to Boots?
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