Charlene is an equal partner in the CD Partnership. The partnership does not qualify as a small business under the $25 million gross receipts text. The partnership incurred the following items for the current year.

Charlene is single, has no other sources of income, and claims the standard deduction. Calculate the partnership's ordinary income for the current year and Charlene's taxable income. Assume Charlene's self-employment (SE) tax is $49,400.

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Gross receipts Minus: Cost of goods sold $ 30,000,000 (21,000,000) Gross profit General business expenses Salary expense (W-2 wages) Depreciation expense Interest expense $ 9,000,000 2,400,000 1,600,000 1,000,000 2,000,000