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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
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) 0 329,400 Gary Heidi (35,000) (10,000) 5,000 329,400 0 329,400 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 Total (65,000) 5,000 988,200
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