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

Question 84

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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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