AT Pet Spa Is a Partnership Owned Equally by Travis

question 52

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?
$\begin{array}{ll}\text { Revenues } & \$ 500,000 \\\text { Salary expense (nonpartners) } & 250,000 \\\text { Supplies } & 40,000 \\\text { Insurance } & 50,000 \\\text { Depreciation (no Sec. 179 amounts) } & 10,000 \\\text { Dividend income } & 2,000 \\\text { Long-term capital gain } & 30,000\end{array}$

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