Question

KLMN Partnership’s financial records show the following:
Gross receipts from sales ………………………… $670,000
Cost of goods sold ………………………………. (460,000)
Operating expenses ………………………………. (96,800)
Business meals and entertainment ……………… (6,240)
Section 1231 loss on equipment sale …………… (13,500)
Charitable contribution ………………………… (1,500)
Distributions to partners ………………………… (10,000)
Compute KLMN’s ordinary business income for the year.


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  • CreatedNovember 03, 2015
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