Charley is a partner in Charley, Austin, Liz & Bass Partnership. Charley owned 25% from January 1, 2015 to April 1, 2015 when he bought both Liz's 25% and Bass's 25% interests. He owned 75% for the rest of the year. The partnership had ordinary income of $358,000 and $12,000 in long-term capital gains. Barring any special allocations in a partnership agreement, what is Charley's share of income (assume a 365-day year)?

Question

Quizplus · Accepted Answer

The Answer of Charley is a partner in Charley, Austin, Liz & Bass Partnership. Charley owned 25% from January 1, 2015 to April 1, 2015 when he bought both Liz's 25% and Bass's 25% interests. He owned 75% for the rest of the year. The partnership had ordinary income of $358,000 and $12,000 in long-term capital gains. Barring any special allocations in a partnership agreement, what is Charley's share of income (assume a 365-day year)?

Charley Is a Partner in Charley, Austin, Liz & Bass