Question 3 (3 points) Multiple Choice - 3 Points Each (Choose the BEST answer for each question.) In the absence of a partnership agreement, the law says that income (and loss) should be allocated...

Extracted text: Question 3 (3 points) Multiple Choice - 3 Points Each (Choose the BEST answer for each question.) In the absence of a partnership agreement, the law says that income (and loss) should be allocated based on: A fractional basis. The ratio of capital investments. Salary allowances. Equal shares. Interest allowances.