Turtle creek partnership had the following revenues, expenses, gains, losses, and distributions: sales revenue $40,000 long-term capital gains 2,000 cost of goods sold (13,000) depreciation—macrs (3,000) amortization of organization costs (1,000) guaranteed payments to partners for general management (10,000) cash distributions to partners (2,000) a) given these items, what is turtle creek’s ordinary business income (loss) for the year? b) what are turtle creek’s separately stated items for the year? spilker, brian; spilker, brian. mcgraw-hill's taxation of individuals and business entities 2020 edition (page 20-45). mcgraw-hill higher education. kindle edition.

At december 31, 2018, newman engineering’s liabilities include the following: $29 million of 5% bonds were issued for $29 million on may 31, 1999. the bonds mature on may 31, 2029, but bondholders have the option of calling (demanding payment on) the bonds on may 31, 2019. however, the option to call is not expected to be exercised, given prevailing market conditions. $33 million of 4% notes are due on may 31, 2022. a debt covenant requires newman to maintain current assets at least equal to 194% of its current liabilities. on december 31, 2018, newman is in violation of this covenant. newman obtained a waiver from national city bank until june 2019, having convinced the bank that the company’s normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2019. $26 million of 7% bonds were issued for $26 million on august 1, 1989. the bonds mature on july 31, 2019. sufficient cash is expected to be available to retire the bonds at maturity. required: classify the above mentioned debts as current liabilities or noncurrent liabilities. also, provide corresponding value for the same. (enter your answer in millions (i.e., 10,000,000 should be entered as