Tabby and Uganda are calendar year taxpayers. They are equal partners in Partnership. The partnership agreement provides that allocations are to b made equally between the partners and that, when the partnership liquidates, distributions are to be made in accordance with capital account balance The partnership had the following income and expenses during its taxable year that ended on January 31 of the current year Gross receipts from inventory sales $200,000 Cost of goods sold 20,000 Salaries 50,000 Depreciation 8,000 Amortization 4,000 Utility expenses 6,000 Investment interest expense 4,000 Gain from the sale of equipment held for three years Section 1245 gain 10,000 Section 1231 gain 2,000 Dividends 7,000 Charitable contributions 1,000 Tax-exempt interest 1,000 Long-term capital gain on sale of Blackacre 6,000 Long-term capital gain on sale of XCo stock 4,000 Short-term capital loss on sale of Whiteacre 2.000 Short-term capital gain on sale of Yo stock 10,000 1. Which items must be separately stated? Why? 2. Which items are not separately stated? 3. When will Tabby and Uganda report the income? 4. Who will be liable for the taxes? 5. Would it matter if the gain on the sale of Blackacre would have been ordinary income if Tably had sold it individually 6 Application will the partnershup hire an accountant to prepare the partnership's tax return? Who makes the decision? How do you know