Results to each partner for tax purposes

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Reference no: EM13991257

Andy, Azim, and Ashwin operate the Triple-A Steak House, a popular restaurant and bar. The three, who have been friends since childhood, are equal partners in the establishment. For the year, Triple-A reports the following:

Sales revenues

$ 800,000

Short-term capital gains

24,000

Short-term capital losses

(12,000)

Business expenses

(560,000)

Investment expenses

(6,000)

Taxable income

$ 246,000

How must the Triple-A Steak House report its results to each partner for tax purposes?

Reference no: EM13991257

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