BRW Partnership reported gross income from operations of $60,000, interest income of $3,000, rental expense of $20,000, and a charitable contribution of $6,000. On its Schedule K, the partnership reports ordinary business income of $40,000, and separately stated interest income ($3,000) and charitable contributions ($6,000).

Question

Quizplus · Accepted Answer

The statement accurately reflects the information provided. The partnership reports its ordinary business income separately from its separately stated items, such as interest income and charitable contributions, on its Schedule K.

BRW Partnership Reported Gross Income from Operations of $60,000, Interest