On Jan. 4th of this year, Bert and Ernie contribute cash equ…
On Jan. 4th of this year, Bert and Ernie contribute cash equally to form the BT Partnership. Bert and Ernie share profits and losses in a ratio of 75% and 25%, respectively. The partnership had ordinary income for the year of $40,000. Bert received a distribution of $5,000 during the current year. What is Bert’s share of taxable income for the year?