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Problem 4-42 (Algorithmic) (LO. 3) Faye, Gary, and Heidi each have a one-third interest in the FGH Partnership. The following information is available with respect

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Problem 4-42 (Algorithmic) (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. Heidi Total Faye (20,000) Gary (35,000) (10,000) (65,000) 0 0 5,000 5,000 Withdrawals Additional contributions Allocable share of profits 456,800 456,800 456,800 1,370,400 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 sl

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