LO3 Aiko, Lani, and Charlie own the 3-Star Partnership, sharing profits and losses 20:50:30. During the current

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LO3 Aiko, Lani, and Charlie own the 3-Star Partnership, sharing profits and losses 20:50:30. During the current year, 3-Star has total gross income of $500,000 and total allowable deductions of $300,000. How should each of the following taxpayers account for 3-Star’s results? Explain.

a. 3-Star Partnership

c. Lani

b. Aiko

d. Charlie

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