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4-42 (Algorithmic) (LO. 3) Faye, Gary, and Heidi each have a one-third interest in the FGH Partnership. The following information is available with respect to
4-42 (Algorithmic) (LO. 3) Faye, Gary, and Heidi each have a one-third interest in the FGH Partnership. The following information is available with respect to the partnership for the year and the amount allocable to each partner. Withdrawals Additional contributions Allocable share of profits Faye Gary Heidi Total (20,000) (35,000) (10,000) (65,000) 0 0 5,000 5,000 417,600 417,600 417,600 1,252,800 Compute each partner's gross income from the partnership for the tax year. Each partner's gross income from the partnership for the tax year is $
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