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How much ordinary income will be allocated to Boots

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Question - Dora and Boots are equal partners in the Grumpy Old Troll Partnership. The partnership has the following revenues, expenses, gains, losses, and distributions:

Sales revenue $100,000

Long-term capital gains 4,000

Cost of goods sold (24,000)

Depreciation - MACRS (12,000)

Guaranteed payment to Dora (30,000)

Cash distributions to partners (4,000)

Required - How much ordinary income will be allocated to Boots?

Reference no: EM132531129

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