eBook Problem 4-42 (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 (20,000) Gary (35,000) Heidi Total (10,000) (65,000) 0 0 90,000 90,000 5,000 90,000 5,000 270,000 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 s Feedback Check My Work A partnership is not a separate taxable entity. Rather, the partnership merely files an information return (Form 1065), which serves to provide the data necessary for determining the character and amount of each partner's distributive share of the partnership's income and deductions. This exclusion only applies to employees. Previous