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QUESTION
Cuong was admitted to a 40% interest in Nguyen Partnership for past, present, and future services.The partnership had the following balance sheet:
Cuong was admitted to a 40% interest in Nguyen Partnership for past, present, and future services. The partnership had the following balance sheet:
Cash, $400
Goodwill, basis = $0, fair market value = $1,600
I am trying to figure out how this transaction is treated to Cuong and the other partners. Please include relevant code regulations to help me research them further.
