Question
Kerry is a partner in the Kerry, Davis, Smith & Jones Partnership. Kerry owned 25% from January 1, 2018, to June 30, 2018, when he
Kerry is a partner in the Kerry, Davis, Smith & Jones Partnership. Kerry owned 25% from January 1, 2018, to June 30, 2018, when he bought Jones's 25% interest. He owned 50% for the rest of the year. The partnership had ordinary income of $146,000 and $18,000 in long-term capital gains. Barring any special allocations in a partnership agreement, what is Kerry's share of income?
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
3rd edition
78025427, 978-0077736460, 007773646X, 978-0078025426
