6:21 P. HW 5 - Chapter 12.pdf - Read-only warty party. Distribution of Income E4B. Michel Bloom and Richard Tucker agreed to form a partnership. Bloom con- tributed $200,000 in cash, and Tucker contributed assets with a fair market value of $400,000. The partnership, in its initial year, reported net income of $120,000. Calculate the distribution of the first year's income to the partners under each of the following conditions: 1. Bloom and Tucker failed to include stated ratios in the partnership agreement. 2. Bloom and Tucker agreed to share income and losses in a 3:2 ratio. 3. Bloom and Tucker agreed to share income and losses in the ratio of their original investments. 4. Bloom and Tucker agreed to share income and losses by allowing 10 percent inter- est on original investments and sharing any remainder equally. III 0