The Lonely Partnership had an overall net loss of $57,000. Included in that amount was net capital gains of $5,000, tax-exempt interest of $1,000, and a guaranteed payment of $10,000 to one of the partners. Compute the amount of ordinary business income or loss for Lonely.

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.