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Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue $39,000 Long-term capital gains $2,000 Cost of goods sold ($13,000) Depreciation
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales revenue $39,000
Long-term capital gains $2,000
Cost of goods sold ($13,000)
Depreciation - MACRS ($3,000)
Amortization of organization costs ($1,000)
Guaranteed payments to partners for general management ($10,000)
Cash distributions to partners ($2,000)
Given these items, what is Turtle Creeks ordinary business income (loss) for the year?
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