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Do you work hard to achieve good grades, but does not get success at that level? Studentwhiz has found out a simple yet interesting way to help its students achieve good grades by learning in a smart way through University of Phoenix Faye, Gary, and Heidi each have a one-third interest in the capital and profits Solutions and Faye, Gary, and Heidi each have a one-third interest in the capital and profits Course. Our main motive is that our students should pass their exams with flying colors. Faye, Gary, and Heidi each have a one-third interest in the capital and profits Study Material and Faye, Gary, and Heidi each have a one-third interest in the capital and profits Guide are also been provided so that students can learn from them. On our learning portal you will get study material which is 100% updated and imparted by our experts.

Faye, Gary, and Heidi each have a one-third interest in the capital and profits

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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 $50,000 at the beginning of the tax year. The partnership profits for the tax year were $270,000. Changes in their capital accounts during the tax year were as follows:

 

Faye

Gary

Heidi

Total

Beginning balance

$ 50,000

$ 50,000

$ 50,000

$150,000

 

Withdrawals

(20,000)

(35,000)

(10,000)

(65,000)

Additional contributions

0

0

5,000

5,000

Allocation of profits

90,000

90,000

90,000

270,000

Ending balance

$120,000

$105,000

$135,000

$360,000

 

In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partner) in premiums paid for group term life insurance on the partners. Faye and Gary are 39 years old, and Heidi is 35 years old. Other employees are also eligible for group term life insurance equal to their annual salary. These premiums of $10,000 have been deducted in calculating the partnership profits of $270,000. Compute each partner’s gross income from the partnership for the tax year.

 
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