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Does george have an income tax consequence from this

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Problem - George receives a one-third partnership interest (both capital and profits) in the Cochran & Cherry law partnership in compensation for his work defending J.O. Simpson in a murder trial. The partnership is very profitable and the partnership interest that George receives is worth $ 100,000. The value of the work he did in the trial was $100,000 but he was not given any money - just the partnership interest. Does George have an income tax consequence from this? Give the details of any consequences.

Reference no: EM132881197

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