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Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue $ 490,000 Business
Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year:
Revenue | $ | 490,000 | ||
Business expenses | 255,000 | |||
Investment expenses | 124,500 | |||
Short-term capital gains | 107,000 | |||
Short-term capital losses | (151,300 | ) |
Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. How must each individual report these results on her Form 1040?
schedule A, D, E
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