Morris partnership had the following items in the current, Ask an Expert

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Morris Partnership had the following items in the current year:

Income from clients $ 200,000
Dividend income 500
Depreciation 2,000
Operating expenses 125,000
Repairs 1,000
Charitable contributions 1,500
Sec. 1245 gain 1,000
Sec. 1231 gain 1,200

a. What is Morris's ordinary net income?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M954150

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