Jack and Jill have a partnership, but did not secure a partnership agreement. Historically, they have been splitting profits 50/50. This year they have determined that a net loss is inevitable and would like to change the allocation to 80/20, so that Jack can offset some other anticipated income. What allocation can Jack and Jill use for this year's partnership return?

Answer rating: 100% (QA)

In a partnership without a written partnership agreement the default profitsharing is typically base... View the full answer