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How much income is allocated to the parent for services

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Reference no: EM132648352

Problem - A partnership in which a parent transferred a 40% interest by gift to a child generated a profit of $130,000. Capital is a material income-producing factor. The parent performed services valued at $44,000; the child performed no services.

Required - How much income is allocated to the parent for services and for use of capital?

Reference no: EM132648352

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