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Mark each item as either O = Ordinary business Income or S = separately stated item. Then, calculate the total Ordinary Business income or Loss
Mark each item as either O = Ordinary business Income or S = separately stated item. Then, calculate the total Ordinary Business income or Loss using the partnership information below:
O or S | ||
Revenue | $250,000 | |
Cost of Goods sold | $175,000 | |
Capital Gains | $50,000 | |
Capital Losses | ($25,000) | |
Salaries | $20,000 | |
Total Ordinary Business Income |
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