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Mandarini Mandarini
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7 years ago
The WE Partnership reports the following items for its current tax year:

Item   Amount
Income
Operating income   $90,000
Rental income   15,000
Interest income:
   Tax-exempt municipal bonds   2,000
   Corporate bonds   4,000
Sec. 1231 gain   20,000
Sec. 1245 gain   18,000
Long-term capital gain   7,000

Expenses
Rental expenses   12,000
Salaries paid to employees (not partners)   30,000
Charitable contributions   5,000
Interest paid related to borrowings used to finance municipal bonds   3,000

What is the WE Partnership's ordinary income for the current year?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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RimounRimoun
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7 years ago
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