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Business, 05.05.2020 20:27 soonerlady19

Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue $ 40,000 Long-term capital gains $ 2,000 Cost of goods sold $ (13,000 ) Depreciation—MACRS $ (3,000 ) Amortization of organization costs $ (1,000 ) Guaranteed payments to partners for general management $ (10,000 ) Cash distributions to partners $ (2,000 ) a. Given these items, what is Turtle Creek’s ordinary business income (loss) for the year?

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Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sal...
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