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What is Feingolds ordinary income or loss

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Reference no: EM132542477

Question - Russ Feingold owns a fifty percent interest in the Wisconsin Partnership. For the partnership tax year ended December 31, 2016, the Wisconsin Partnership reports the following items of partnership activity:

Gross Sales $900,000

Cost of Goods Sold 50,000

Wage Expense 150,000

Section 1231 Gain 100,000

Casualty Loss 100,000

Interest Expense 200,000

Depreciation 100,000

Business Bad Debt 100,000

Charitable Contributions 150,000

Required -

(1) What is Feingold's ordinary income or loss?

(2) What is it displayed as separately stated items?

Reference no: EM132542477

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