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  3. willow partnership had the following revenues, exp

Willow Partnership had the following revenues, expenses, gains, losses, and distributions: Sales ...

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Accounting

Willow Partnership had the following revenues, expenses, gains, losses, and distributions:
Sales
$ 60,000
Long-Term Capital Gain
$ 8,000
Qualified Dividends
$ 5,000
Cost of Goods Sold
$ 40,000
Employee Wages
$ 15,000
Guaranteed Payment to Managing Partner
$ 25,000
Municipal Bond Interest
$ 5,000
Section 179 Expense
$ 10,000
MACRS Depreciation
$ 8,000
Section 1231 Gains
$ 3,000
Fines and Penalties
$ 1,500
Given these items, what is Willow's ordinary business income (loss) for the year?

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