Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue ..............................................................$40,000 Long-term capital
Question:
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales revenue ..............................................................$40,000
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 Creek's ordinary business income (loss) for the year?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Step by Step Answer:
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver