Question: Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue $ 6 2 , 0 0 0 Long - term capital

Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales revenue $ 62,000
Long-term capital gains $ 4,550
Cost of goods sold $ (16,200)
DepreciationMACRS $ (5,200)
Amortization of organization costs $ (1,620)
Guaranteed payments to partners for general management $ (12,000)
Cash distributions to partners $ (1,900)

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