Kerry is a partner in the Kerry, Davis, Smith Jones Partnership Kerry owned 25 from January 1, 2014 to June 30, 2014, when he bought Joness 25 interest He owned 50 for the rest of the year The partnership had ordinary income of $146,000 and $15,000 in long term capital gains Barring any special allocations in a partnership agreement, what is Kerrys share of income

Question: Kerry is a partner in the Kerry, Davis, Smith & Jones Partnership. Kerry owned 25% from January 1, 2014 to June 30, 2014, when he

Kerry is a partner in the Kerry, Davis, Smith & Jones Kerry owned 25% from January 1, 2014 to June 30, 2014, when he bought Jones’s 25% interest. He owned 50% for the rest of the year. The had ordinary income of $146,000 and $15,000 in long-term capital gains. Barring any special allocations in a agreement, what is Kerry’s share of income?

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