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On June 1 of the current year, Monte Scott received a 10% interest in the...

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Accounting

On June 1 of the current year, Monte Scott received a 10% interest in the capital of Eve's World, a partnership, for services rendered. Eve's net assets at June 1 had a basis of $105,000 and a fair market value of $150,000. What income must Monte Scott include on his current year tax return for the partnership interest transferred to him by the other partners?

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