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KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant
KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant Section 1231 loss on equipment sale Charitable contribution Distributions to partners Required: Compute KLMN's ordinary business income for the year. Note: Negative amounts should be indicated by a minus sign. $ 670,000 (460,000) (96,800) (6,240) (13,500) (1,500) (10,000) Amount KLMN's ordinary business income $ 0
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