Question
Problem 8-40 (LO 8-4) Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current
Problem 8-40 (LO 8-4) 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 $500,000 260,000 129,000 114,000 (159,900) 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. Schedule A Schedule D Schedule E Amount
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