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0:30:40. Ozzello has the following results for the current year: Management fees Long-term gain on sale of investments Short-term loss on sale of investments Salaries paid to employees Office rent Office expenses $236,600 22,700 3,200 66,200 40,700 19,300 OW

0:30:40. Ozzello has the following results for the current year: Management fees Long-term gain on sale of investments Short-term loss on sale of investments Salaries paid to employees Office rent Office expenses $236,600 22,700 3,200 66,200 40,700 19,300 OW

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and Michelle, share profits and losses 30:30:40. Ozzello has the following results for the current year: Management fees Long-term gain on sale of investments Short-term loss on sale of investments Salaries paid to employees Office rent Office expenses Business income Determine each partner's share of Ozzello's taxable income for the current year. (30%) Erwin Long-term capital gain Short-term capital loss (30%) Lorenzo $236,600 $ 22,700 3,200 66,200 40,700 19,300 (40%) Michelle 000
Transcribed Image Text:Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and Michelle, share profits and losses 30:30:40. Ozzello has the following results for the current year: Management fees Long-term gain on sale of investments Short-term loss on sale of investments Salaries paid to employees Office rent Office expenses Business income Determine each partner's share of Ozzello's taxable income for the current year. (30%) Erwin Long-term capital gain Short-term capital loss (30%) Lorenzo $236,600 $ 22,700 3,200 66,200 40,700 19,300 (40%) Michelle 000
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