Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the following revenue, expenses, gains, losses, and distributions:
Given these items, what amount of ordinary business income (loss) and what separately-stated items should be allocated to each partner for the year?
Definitions:
Coughing Vigorously
Forceful exhalation through the airways aimed at clearing them of irritants, mucus, or foreign particles.
Abdominal Thrusts
An emergency procedure to expel foreign objects from the airway of a choking victim, also known as the Heimlich maneuver.
Shoulder Blades
The flat, triangular bones located on the back of the shoulders, known anatomically as scapulae.
Child Wading Pool
A shallow pool designed for young children to play in under supervision, often portable and made of plastic.
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