Tuesday, April 12, 2016

separately stated items and ordinary income

“Mike and Penelope are equal partners in MP partnership. The partnership, Mike, and Penelope are calendar year taxpayers. The partnership incurred the following items in the current year:

a. Sales $450,000
b. Cost of goods sold $210,000
c. Dividend on corporate investments $ 15,000
d. Tax-exempt interes…

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