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Illuminating Light Partnership Had the Following Revenues, Expenses, Gains, Losses

Question 92

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Illuminating Light Partnership had the following revenues, expenses, gains, losses, and distributions: TALL LADDERS, LP
Income Statement Year 2
 Sales 65,000 CoGs (47,000) Gross Profit 18,000 Interest Inc ome 3,000 Dividends 5,000 Long Term Capital Gain 10,000 Other Income 15,000 Total Other Inc ome 33,000 MACRS Depreciation (20,000) Guaranteed Payments (10,000) Charitable Contribution (10,000) Fines and Penalties (4,500) Other Expenses (8,500) Total other Expenses (53,000) Net Income (Loss) (2,000)\begin{array}{|l|r|}\hline \text { Sales } & 65,000 \\\hline \text { CoGs } & (47,000) \\\hline \text { Gross Profit } & 18,000 \\\hline \text { Interest Inc ome } & 3,000 \\\hline \text { Dividends } & 5,000 \\\hline \text { Long Term Capital Gain } & 10,000 \\\hline \text { Other Income } & 15,000 \\\hline \text { Total Other Inc ome } & 33,000 \\\hline \text { MACRS Depreciation } & (20,000) \\\hline \text { Guaranteed Payments } & (10,000) \\\hline \text { Charitable Contribution } & (10,000) \\\hline \text { Fines and Penalties } & (4,500) \\\hline \text { Other Expenses } & (8,500) \\\hline \text { Total other Expenses } & (53,000) \\\hline \text { Net Income (Loss) } & (2,000) \\\hline\end{array} Given these items, what is Illuminating Light's ordinary business income (loss) for the year?

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($28,000),...

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