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Sheena Maskell Sheena Maskell
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7 years ago
Longhorn Partnership reports the following items at the end of the current year:

Sales   $200,000
Cost of goods sold   100,000
Employees salaries   30,000
Advertising expense   5,000
Rent expense   10,000
Shipping expense   3,000
Insurance expense   2,000
Long-term capital gain   25,000
Depreciation expense   8,000
Section 179 expense   20,000
Charitable contributions   10,000

What is the partnership's ordinary income? Which items are separately-stated?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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Yoko900Yoko900
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Sheena M. Author
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7 years ago
Really helped
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