Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:\n\n\n\n\nSales revenue\n\n\n$40,000\n\n\n\n\nLong-term capital gai
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:
\r\n\r\n Sales revenue \r\n | \r\n\r\n $40,000 \r\n | \r\n
\r\n Long-term capital gains \r\n | \r\n\r\n $2,000 \r\n | \r\n
\r\n Cost of goods sold \r\n | \r\n\r\n ($13,000) \r\n | \r\n
\r\n Depreciation - MACRS \r\n | \r\n\r\n ($3,000) \r\n | \r\n
\r\n Amortization of organization costs \r\n | \r\n\r\n ($1,000) \r\n | \r\n
\r\n Guaranteed payments to partners for general management \r\n | \r\n\r\n ($10,000) \r\n | \r\n
\r\n Cash distributions to partners \r\n | \r\n\r\n ($2,000) \r\n | \r\n