The WE Partnership Reports the Following Items for Its Current $\begin{array}{llcc} \text {Item } & \text { Amount} \\\end{array}$

question 33

Essay

The WE Partnership reports the following items for its current tax year:
$\begin{array}{llcc} \text {Item } & \text { Amount} \\\end{array}$

Income
$\begin{array}{llr} \text { Operating income } &\$ 90,000\\ \text { Rental income } &15,000\\\end{array}$
Interest income:
$\begin{array}{ll}\text { Tax-exempt municipal bonds } & 2,000 \\\text { Corporate bonds } & 4,000 \\\text { Sec. } 1231 \text { gain } & 20,000 \\\text { Sec. } 1245 \text { gain } & 18,000 \\\text { Long-term capital gain } & 7,000\end{array}$ Expenses
$\begin{array}{ll}\text { Rental expenses } & 12,000 \\\text { Salaries paid to employees (not partners) } & 30,000 \\\text { Charitable contributions } & 5,000 \\\text { Interest paid related to borrowings used to finance municipal bonds } & 3,000\end{array}$ What is the WE Partnership's ordinary income for the current year?

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Definitions:

Mass Customization

is a business strategy that combines the efficiency of mass production with the personalization of custom-made goods or services, allowing individual preferences at relatively low costs.

HR Practices

Activities and strategies implemented by the Human Resources department to manage and support the workforce, including recruitment, training, performance management, and employee relations.

HR Supply

The current availability of employees, both within and outside the organization, who possess the skills and qualifications to meet its requirements.

Demand Requirements

The specific needs or conditions that must be met for a particular goal, service, or product to be successful in the marketplace.