Question
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS $ 59,000
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS $ 59,000 $ 3,300) $ (15,200) $ (3,400) Amortization of organization costs $ (1,980) S (18,100) Guaranteed payments to partners for general management Cash distributions to partners 5 (2,200) a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year?
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