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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results Sales revenue Gain on sale of land (S1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $70,000 $8,000 $(38,000) $ (9,000) (14,000) (3,000) $2,000 s (2,000) (Negative amounts should be indicated by a minus sign.) a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Garys share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss)

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