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Required information [The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue

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Required information [The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs Guaranteed payments to partners for general management Cash distributions to partners $ 65,500 $ 4,800 $(22,100) $ (7,900) $ (1,240) $(15,600) $ (3,600) a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year? Ordinary income (loss)

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