4. The XYZ partnership has the following balance sheet: If Q provides $45,000 of services...
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4. The XYZ partnership has the following balance sheet: If Q provides $45,000 of services in exchange for a $25% interest in the partnership, what is the tax effect to Q, X, Y, Z, and the XYZ partnership? Assume all of the partners are individuals. How much income does Q recognize? How much gain do X,Y, and Z recognize? How much of a deduction do they get? What basis will XYZ have in the Real estate? What is the balance sheet afterward
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