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Problem 14-53 (LO 14-2) Kerry is a partner in the Kerry, Davis, Smith and Jones Partnership. Kerry owned 25% from January 1, 2022, to
Problem 14-53 (LO 14-2) Kerry is a partner in the Kerry, Davis, Smith and Jones Partnership. Kerry owned 25% from January 1, 2022, to June 30, 2022, when she bought Jones's 25% interest. She owned 50% for the rest of the year. The partnership had ordinary income of $146,000 and $15,000 in long-term capital gains. Required: Barring any special allocations in a partnership agreement, what is Kerry's share of income? Note: Do not round any division. Round other computations to the nearest whole dollar value. Amount Ordinary income LTCG $ 71,175 $ 4,500
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