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Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2020
Jayanthi and Krish each own a 50 percent general partner interest in the JK Partnership. The following information is available regarding the partnership's 2020 activities: Sales revenue Selling expenses Depreciation expense Nondeductible expenses $ 825,000 330,000 38,750 Long-term capital gain 18,800 2,650 Partnership debts, beginning of the year 187,000 Partnership debts, end of the year 211,900 Partnership distributions Jayanthi Krish Required: a-1. Calculate the partnership's ordinary (nonseparately stated) income. 93,500 93,500
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