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Lloyd and Harry,equal Partners,form the Ant World Partnership

Question 51

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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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