The WE Partnership Reports the Following Items for Its Current

question 111

Essay

The WE Partnership reports the following items for its current tax year:
Item Amount
Income
Operating income $90,000
Rental income 15,000
Interest income:
Tax-exempt municipal bonds 2,000
Corporate bonds 4,000
Sec. 1231 gain 20,000
Sec. 1245 gain 18,000
Long-term capital gain 7,000
Expenses
Rental expenses 12,000
Salaries paid to employees (not partners) 30,000
Charitable contributions 5,000
Interest paid related to borrowings used to finance municipal bonds 3,000
What is the WE Partnership's ordinary income for the current year?

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Definitions:

Nonprofit Organizations

Entities focused on advancing social causes or providing beneficial services without seeking to generate profit for shareholders.

Common Risks

General risks that are frequently encountered by individuals or organizations across various sectors, such as financial, operational, or reputational risks.

Portfolio Analysis

The process of evaluating and managing a collection of investments to meet specific financial objectives.

Program Strategies

Approaches designed to achieve specific goals within an organization or initiative.