The partnership of Felix and Oscar had the following items of income during the current tax year: $$\begin{array} { l r }
\text { Income from operations } & \$ 157,000 \
\text { Tax-exempt interest income } & 8,000 \
\text { Dividend income } & 6,000
\end{array}$$ What is the total ordinary income from business activities passed through by the partnership for the current tax year?

Question

The partnership of Felix and Oscar had the following items of income during the current tax year: $$\begin{array} { l r } 
\text { Income from operations } & \$ 157,000 \
\text { Tax-exempt interest income } & 8,000 \
\text { Dividend income } & 6,000
\end{array}$$ What is the total ordinary income from business activities passed through by the partnership for the current tax year?

Quizplus · Accepted Answer

The total ordinary income from business activities passed through by the partnership for the current tax year is $157,000, which is the income from operations. Tax-exempt interest income and dividend income are not considered ordinary income from business activities.

The Partnership of Felix and Oscar Had the Following Items