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Problem:

The LN partnership reported the following items of income and deductin during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5000. In addition, the partnershp distributed $10000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len.

Requirement:

Question: What is Nina's share of ordinary partnership income and separately stated items?

Note: Provide specific examples to support your answers.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91173411

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