Illuminating Light Partnership had the following revenues, expenses, gains, losses, and distributions: Sales $ 60,000 Long-Term Capital Gain $ 8,000 Qualified Dividends $ 5,000 Cost of Goods Sold $ 40,000 Employee Wages $ 15,000 Guaranteed Payment to Managing Partner $ 25,000 Municipal Bond Interest $ 5,000 Section 179 Expense $ 10,000 MACRS Depreciation $ 8,000 Section 1231 Gains $ 3,000 Fines and Penalties $ 1,500 Given these items, what is Illuminating Light's ordinary business income (loss) for the year

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500