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Contribution of Services. Sean is admitted to the calendar year XYZ Partnership on ...

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Accounting

Contribution of Services. Sean is admitted to the calendar year XYZ Partnership on
December 1 of the current year in return for his services managing the partnerships busi-ness during the year. The partnership reports ordinary income of $100,000 for the current
year without considering this transaction. Assume a nonleap year and that the partners
agree to the

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