KLMN Partnerships financial records show the following: Gross receipts from sales $670,000 Cost of goods sold
Question:
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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Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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