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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. Faye Gary Heidi Total Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 0 0 5,000 5,000 Allocable share of profits 451,900 451,900 451,900 1,355,700 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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