What is nina''s share of ordinary partnership income


The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees,$50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50%partner Nina and $20,000 of cash to 50% partner Len. What is Nina's share of ordinary partnership income and separately stated items?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What is nina''s share of ordinary partnership income
Reference No:- TGS079555

Expected delivery within 24 Hours