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Loops Partnership reported the following items of income and deduction during the 2018 tax year: revenue of $350,000; cost of goods sold of $190,000; tax-exempt
Loops Partnership reported the following items of income and deduction during the 2018 tax year: revenue of $350,000; cost of goods sold of $190,000; tax-exempt interest income of $2,000; salaries paid to employees of $90,000; and a long-term capital loss of $12,000. In addition, the partnership distributed $23,200 of cash to a 40% partner (Michael) and $10,000 of cash to a 60% partner (Emily). What is Michaels share of ordinary partnership income and separately stated items?
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