Question
Illuminating Light Partnership had the following revenues, expenses, gains, losses, and distributions: Sales $ 60,900 Long-Term Capital Gain $ 17,000 Qualified Dividends $ 14,000 Cost
Illuminating Light Partnership had the following revenues, expenses, gains, losses, and distributions:
| Sales | $ 60,900 |
|---|---|
| Long-Term Capital Gain | $ 17,000 |
| Qualified Dividends | $ 14,000 |
| Cost of Goods Sold | $ 40,900 |
| Employee Wages | $ 15,900 |
| Guaranteed Payment to Managing Partner | $ 25,900 |
| Municipal Bond Interest | $ 14,000 |
| Section 179 Expense | $ 19,000 |
| MACRS Depreciation | $ 8,900 |
| Section 1231 Gains | $ 12,000 |
| Fines and Penalties | $ 6,000 |
Given these items, what is Illuminating Light's ordinary business income (loss) for the year?
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Microfinance
Authors: Gianfranco A. Vento, Mario La Torre
4th Edition
1403997896, 9781403997890
