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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 Business expenses
Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue Business expenses Investment expenses Short-term capital gains Short-term capital losses $ 650,000 335,000 192,000 212,000 (278,500) Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. Required: How must each individual report these results on her Form 1040? Note: Do not round any division. Round your final answer to the nearest whole dollar value. Negative amounts should be indicated by a minus sign. Answer is complete but not entirely correct. Amount Schedule A 105,000 Schedule D 64,000 Schedule E $ (22,167) X
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