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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
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 $105,000 at the beginning of the tax year. The partnership profits for the tax year were $1,546,800. Changes in their capital accounts during the tax year were as follows:
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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 $fill in the blank 1.
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