Problem 8 40 (LO 8 4) Mabel, Loretta, and Margaret are equal partners in a local restaurant The restaurant reports the following items for the current year Revenue $ 620,000 Business expenses 320,000 Investment expenses 178,500 Short term capital gains 191,000 Short term capital losses (253,200 ) Each partner receives a Schedule K 1 with one third of the preceding items reported to her How must each individual report these results on her Form 1040 Schedule A $59,500 Schedule D Schedule E $100,000

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Question: Problem 8-40 (LO 8-4) Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year:

Problem 8-40 (LO 8-4)

Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year:


Revenue	$	620,000
Business expenses		320,000
Investment expenses		178,500
Short-term capital gains		191,000
Short-term capital losses		(253,200	)

Each partner receives a Schedule K-1 with one-third of the preceding items reported to her. How must each individual report these results on her Form 1040?


Schedule A	$59,500
Schedule D	???????
Schedule E	$100,000

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