How much income must a report in given year

Reference no: EM132212300

Question: Retiring partner A is to receive $120,000 for his partnership interest spread over a 4-year period and paid in installments of $30,000 per year. If A's basis is $64,000 and the payments are considered to be Section 736(b) payments, how much income must A report in Year 1 if no election is made?

Reference no: EM132212300

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