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Calculate the partnership ordinary income

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Reference no: EM132063612

Question - AT Partnership is owned equally by Ashley and Travis. The partnership had the following revenues and expenses this year.

Revenues $500,000

Salary expense (non-partners) 250,000

Supplies 40,000

Insurance 50,000

Depreciation (no Sec. 179 amounts) 10,000

Dividend income 2,000

Long-term capital gain 30,000

a) Calculate the partnership's ordinary income.

b) Identify which of the items above are separately stated.

c) Identify the non-separately stated items.

Reference no: EM132063612

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