Question - AT Partnership is owned equally by Ashley and Travis. The partnership had the following revenues and expenses this year.
Revenues $500,000
Salary expense (non-partners) 250,000
Supplies 40,000
Insurance 50,000
Depreciation (no Sec. 179 amounts) 10,000
Dividend income 2,000
Long-term capital gain 30,000
a) Calculate the partnership's ordinary income.
b) Identify which of the items above are separately stated.
c) Identify the non-separately stated items.