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Lloyd and Harry, Equal Partners, Form the Ant World Partnership

Question 16

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Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the following revenue, expenses, gains, losses, and distributions:
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? Given these items, what amount of ordinary business income (loss) and what separately stated items should be allocated to each partner for the year?

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