Home / Questions / KLMN Partnership’s financial records show the following Gross receipts from sales $670,0...
KLMN Partnership’s financial records show the following:
Gross receipts from sales $670,000 Cost of goods sold (460,000) Operating expenses (96,800) Business meals and entertainment (6,240) Section 1231 loss on equipment sale (13,500) Charitable contribution (1,500) Distributions to partners (10,000)
Mr T is a 10 percent general partner in KLMN During the year, he received a $1,000 cash distribution from KLMN
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