42. LO.3,4 Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $50,000 at the eginning of the tax year. The partnership profits for the tax year were $270,000. hanges in their capital accounts during the tax year were as follows Heidi $50,000 Total $150,000 Faye Beginning balance Withdrawals Additional contributions Allocation of profits Ending balance $50,000 $50,000 $0 $120,000 ($20,000)($35,000 ($10,000) (65,000) $90,000 $105,000 $5,000 $90,000 $5,000 $270,000 $360,000 In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partne ners. Faye and Gary are 39 years old, and Heidi is 35 years old. Other employees are also eligible for group term life insurance equal to their annual salary. These premiums of $10,000 have been deducted in calculating the partnership profits of $270,000. Compute each partner's gross income from the partnership for the tax year. r) in premiums paid for group term life insurance on the part- Gary Heidi Total Allocation of profits-per above Please note this could be $0- or another number- please provide reason for your number below Gross Income