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  1. business
  2. accounting
  3. a) mabel, loretta, and margaret are equal partners

A) Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports...

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Accounting

A) Mabel, Loretta, and Margaret are equal partners in a local restaurant. The restaurant reports the following items for the current year: Revenue $ 620,000 Business expenses 320,000 Investment expenses 178,500 Short-term capital gains 191,000 Short-term capital losses (253,200 )

Each partner receives a Schedule K-1 with one-third of the preceding items reported to her.

How must each individual report these results on her Form 1040?

b) Shirelle and Newman are each 50% partners of a business that operates as a partnership. The business reports the following results: Revenue $ 98,500 Business expenses 68,950 Investment expenses 10,500 Short-term capital gains 17,000 Short-term capital losses (23,900 )

How do Shirelle and Newman report these items for tax purposes in the following schedules?

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