Question - A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December 31, Ishpeming reports the following items of partnership income, gain, loss, deduction, and credit.
Gross sales $400,000
Cost of goods sold 220,000
Wages 100,000
Net Section 1231 gain 50,000
Casualty loss 10,000
Interest 5,000
Depreciation 20,000
Business bad debt 5,000
Charitable contributions 5,000
Calculate the partner's distributive shares of partnership income or loss and separately stated items.