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Question - A partner owns a 25-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit.
Gross sales
$400,000
Cost of goods sold
220,000
Wages
100,000
Net Section 1231 gain
50,000
Casualty loss
10,000
Interest
5,000
Depreciation
20,000
Business bad debt
Charitable contributions
Show all your work (don't just give me a lump sum) for the following.
1) Calculate the partner's distributive shares of partnership ordinary income or loss.
2) Calculate the partner's distributive shares of separately stated items.
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