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What amount should Olinto report on his current-year

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Problem - Duffy Associates is a partnership engaged in real estate development. Olinto, a civil engineer, billed Duffy $40,000 in the current year for consulting services rendered. In full settlement of this invoice, Olinto accepted a $15,000 cash payment plus the following:

 

Fair Market Value

Carrying Amount on Duffy's Books

10% partnership interest in Duffy

$10,000

N/A

Automobile

7,000

$3,000

Required - What amount should Olinto, a cash basis taxpayer, report on his current-year return as income for the services rendered to Duffy?

a. $15,000

b. $28,000

c. $32,000

d. $40,000

Reference no: EM132648252

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