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Thomas and Richard formed the Happy Go Lucky Partnership four years ago. Because they decided...

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Accounting

Thomas and Richard formed the Happy Go Lucky Partnership four years ago. Because they decided the company needed some expertise in multimedia presentations, they offered Sarah a 1/3 interest in partnership capital and profits if she would come to work for the partnership. On July 1 of the current year, the unrestricted partnership interest (fair market value of $225,000) was transferred to Sarah. How should Sarah treat the receipt of the partnership interest in the current year? Remember that Sarah is just contributing her services!

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