Mark, Laura, and Paul are equal partners in the MLP Partnership, which uses the accrual method of accounting. All three materially participate in the business. MLP reports financial accounting income of $270,000 for the current year. The partnership used the following information to determine financial accounting income.

Operating profit (excluding the items listed below)	$128,000
Rental income	34,000
Interest income:
Municipal bonds (tax-exempt)	12,000
Corporate bonds	2,000
Dividend income (all from less-than-20%-owned domestic corporations)	15,000
Gains and losses on property sales:
Gain on sale of land held as an investment (contributed by Mark six
years ago when its basis was $7,000 and its FMV was $12,000)	80,000
Long-term capital gains	25,000
Short-term capital losses	1,000
Sec. 1231 gain	4,000
Unrecaptured Sec. 1250 gain	54,000
Depreciation:
Rental real estate	13,000
Machinery and equipment	23,000
Interest expense related to:
Mortgages on rental property	16,000
Loans to acquire municipal bonds	6,000
Guaranteed payments to Mark	25,000
Low-income housing expenditures qualifying for credit	25,000

More info:

*The partnership received a $700 prepayment of rent for next year but has not recorded it as income for financial accounting purposes.

*The partnership recorded the land for financial accounting purposes at $12,000.

*MACRS depreciation on the rental real estate and machinery and equipment were $13,000 and $30,000, respectively, in the current year.

*MACRS depreciation for the rental real estate includes depreciation on thelow-income housing expenditures.

a.	What is MLP's financial accounting income?
b.	What is MLP's partnership taxable income?
c.	What is MLP's ordinary income (loss)?
d.	What are MLP's separately stated items?