Delta Partnership has four equal partners At the beginning of the year, Drew was one of the Delta partners, but on October 1, he sold his partnership interest to Cody If Delta 's ordinary income for the year was $476,000, what portion of this income should be allocated to Drew, and what portion sho...

Each owner of Delta is entitled to a pro rata share of Deltas ordinary income based o ...

Delta Partnership has four equal partners. At the beginning of the year, Drew was one of the

Question:

Delta has four equal partners. At the beginning of the year, Drew was one of the Delta partners, but on October 1, he sold his interest to Cody. If Delta's ordinary income for the year was $476,000, what portion of this income should be allocated to Drew, and what portion should be allocated to Cody?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...