Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales revenue $ 54,500 Long-term capital gains $ 4,750 Cost of goods sold $ (17,300 )
Depreciation—MACRS $ (4,850 )
Amortization of organization costs $ (1,200 )
Guaranteed payments to partners for general management $ (16,200 )
Cash distributions to partners $ (1,700 )
a. Given these items, what is Turtle Creek’s ordinary business income (loss) for the year?
b. What are Turtle Creek’s separately stated items for the year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
check all that apply
Sales revenue
Long-term capital gains
Cost of goods sold
Depreciation MACRS
Amortization of organization cost
Guaranteed payments
Cash distributions