Problem $4-46($Algorithmic$)($LO$.3)$

Faye, Gary, and Heidi each have a one$-$third interest in the FGH Partnership. The following information is available with respect to the partnership for the year and the amount allocable to each partner:

$$Faye$$Gary$$Heidi$$TotalWithdrawals$(20,000)(35,000)(10,000)(65,000)$Additional contributions$005,0005,000$Allocable share of profits$579,300579,300579,3001,737,900$

Compute each partner's gross income from the partnership for the tax year.

Each partner's gross income from the partnership for the tax year is $fill in the blank $1.$

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A partnership is not a separate taxable entity. Rather, the partnership merely files an information return $($Form $1065),$ which serves to provide the data necessary for determining the character and amount of each partner's distributive share of the partnership's income and deductions. This exclusion only applies to employees.