The Partnership of Truman and Hanover Realized the Following Items $\quad$

question 24

Multiple Choice

The partnership of Truman and Hanover realized the following items of income during the year ended December 31,2013: Net income from operations $\quad$$\quad$$\quad \$ 62,000$
Dividends from domestic corporations $\quad \$ 4,000$
Interest on corporate bonds $\quad$$\quad$ $\$ 3,000$
Net long-term capital gains $\quad$$\quad$$\$ 5,000$
Net short-term capital gains $\quad$ $\quad \$ 1,000$ Both the partners are on a calendar year basis.What is the total income which should be reported as ordinary income from business activities of the partnership for 2013?

• A)$62,000
• B)$65,000
• C)$69,000
• D)$70,000
• E)None of the above

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Definitions:

Funder's First Law

A principle in psychology that holds people are almost always in a better position to observe their own behavior than anyone else is.

Largest

Refers to the highest in size, amount, degree, or capacity.

Smallest

Pertaining to the least in size, amount, degree, or the like.

Scientific Education

The process of teaching and learning about scientific concepts, methods, and the natural world through observation and experimentation.