Kerry is a partner in the Kerry, Davis, Smith& Jones Partnership. Kerry owned 25% from January 1,

Question:

Kerry is a partner in the Kerry, Davis, Smith& Jones Partnership. Kerry owned 25% from January 1, 2015 to June 30, 2015, when he bought Jones's 25% interest. He owned 50% for the rest of the year. The partnership had ordinary income of $146,000 and $15,000 in long-term capital gains. Barring any special allocations in a partnership agreement, what is Kerry's share of income?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...