Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:

Sales revenue	$	54,500
Long-term capital gains	$	4,750
Cost of goods sold	$	(17,300	)
DepreciationMACRS	$	(4,850	)
Amortization of organization costs	$	(1,200	)
Guaranteed payments to partners for general management	$	(16,200	)
Cash distributions to partners	$	(1,700	)

a. Given these items, what is Turtle Creeks ordinary business income (loss) for the year?

b. What are Turtle Creeks separately stated items for the year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

check all that apply

• Sales revenue
• Long-term capital gains
• Cost of goods sold
• Depreciation MACRS
• Amortization of organization cost
• Guaranteed payments
• Cash distributions