During the Current Year,ALF Partnership Reported the Following Items of Receipts

During the current year,ALF Partnership reported the following items of receipts and expenditures: $200,000 sales,$10,000 utilities,$12,000 rent,$50,000 salaries to employees,$30,000 guaranteed payment to partner Lloyd,investment interest income of $3,000,a charitable contribution of $5,000,and a distribution of $10,000 to partner Frank.Arnold,a 40% partner,will receive a K-1 that reflects a $39,200 share of partnership ordinary income,a $1,200 share of partnership interest income,and a $2,000 charitable contribution.

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