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The partnership of Truman and Hanover realized the following items of income for the current year: Net income from sales $62,000 Dividends 4,000 Interest 3,000
The partnership of Truman and Hanover realized the following items of income for the current year:
Net income from sales $62,000
Dividends 4,000
Interest 3,000
Net long-term capital gains 5,000
Net short-term capital gains 1,000
Net rental income 7,000
The total income which should be reported as ordinary income of the partnership for the current year is:
a. $62,000
b. $69,000
c. $72,000
d. $76,000
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