The LN partnership reported the following items of income and deduction during the current tax year: revenues,$300,000; cost of goods sold,$180,000; tax-exempt interest income,$2,000; salaries to employees,$80,000; and long-term capital gain,$10,000.In addition,the partnership distributed $20,000 of cash to 50% partner Nina and $10,000 of cash to 50% partner Len.What is Nina's share of ordinary partnership income and separately stated items?

Question

Quizplus · Accepted Answer

The Answer of The LN partnership reported the following items of income and deduction during the current tax year: revenues,$300,000; cost of goods sold,$180,000; tax-exempt interest income,$2,000; salaries to employees,$80,000; and long-term capital gain,$10,000.In addition,the partnership distributed $20,000 of cash to 50% partner Nina and $10,000 of cash to 50% partner Len.What is Nina's share of ordinary partnership income and separately stated items?

The LN Partnership Reported the Following Items of Income and Deduction