Question: Kerry is a partner in the Kerry, Davis, Smith, & Jones Partnership. Kerry owned 25% from January 1, 2018, to June 30, 2018, when he
Kerry is a partner in the Kerry, Davis, Smith, & Jones Partnership. Kerry owned 25% from January 1, 2018, to June 30, 2018, 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? (Do not doing any division. Round other computations to the nearest whole dollar value.)
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