Carol owns 40% of CJ Partnership. The partnership reports $170,000 of revenue, $60,000 cost of goods...
Carol owns 40% of CJ Partnership. The partnership reports $170,000 of revenue, $60,000 cost of goods sold, and $70,000 of other expenses that include a $2,000 charitable contribution and a $5,000 Section 179 deduction. CJ Partnership also paid $1,500 of doctor bills for Carol. What is the ordinary business income reported on line 1 of Carol’s Schedule K-1?
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Homework Answers
| Particulars | Amount |
| Revenue | 170000 |
| Less: | |
| Cost of goods sold | $ 60,000 |
| Other expenses | $ 70,000 |
| Total expenses | $ 1,30,000 |
| Ordinary business income | $ 40,000 |
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