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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 Investment
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 $ 610,000 315,000 174,000 184,000 (244,700) 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? (Do not round any division. Round your final answer to the nearest whole dollar value. Negative amounts should be indicated by a minus sign.) Schedule A Schedule D Schedule E
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