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Barbara and Sue want to set up a Partnership. Barbara will be contributing $50,000 and...

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Accounting

Barbara and Sue want to set up a Partnership. Barbara will be contributing $50,000 and $50,000 in services in exchange for 50% of the partnership interest. Sue will be contributing $100,000 in exchange for 50% of the interest in the partnership. Discuss the tax impact of setting up the partnership to Sue and Barbara.

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