Essay
AT Pet Spa is a partnership owned equally by Travis and Ashley. The partnership had the following revenues and expenses this year. Which of the following items are separately stated? Nonseparately stated? What is each partner's distributive share of ordinary income?
Revenues $500,000
Salary expense (nonpartners) 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
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