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The LN partnership reported the following items of income and deduction during the current tax year: revenues, $300,000 cost of goods sold, $160,000 tax-exempt interest
The LN partnership reported the following items of income and deduction during the current tax year: revenues, $300,000 cost of goods sold, $160,000 tax-exempt interest income, $2,000 salaries to employees, $80,000 and long-term capital gain, $10,000. It paid business interest expense of $18,000 and investment interest expense of $2,000. In addition, the partnership distributed $20,000 of cash to 50% partner Nina and $10,000 of cash to 50% partner Len.
What is Ninas share of ordinary partnership income and separately stated items?
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