Question

The below is from abc partnership sales 500 cost of goods sold 200 salaries and wages...

The below is from abc partnership

sales 500

cost of goods sold 200

salaries and wages 100

other operating expenses 20

Long term capital gain 10

interest income 5

dividend income 3

john smith owns 40% of the partnership, calculate the amount of ordinary income and separately stated items allocated to him

Homework Answers

Answer #1

Calculation of Ordinary Income of the Partnership

Calculation of the amount allocated to John Smith

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