Tracy has a 25 profit interest and a 20 loss interest in, Ask an Expert

Accounting

Tracy has a 25% profit interest and a 20% loss interest in the Dupont Partnership. The Dupont Partnership reports the following income and loss items for the current year:

Net long-term capital loss $50,000
Net Sec. 1231 gain 45,000
Ordinary income 110,000

What is Tracy's distributive share?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945327

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