The LN partnership reported the following items of income and deductin during the current tax year: revenues,
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The LN partnership reported the following items of income and deductin during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5000. In addition, the partnershp distributed $10000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina's share of ordinary partnership income and separately stated items?
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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