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In: AccountingStephen is admitted to the HHH Partnership on January 1 of thecurrent year in return...Stephen is admitted to the HHH Partnership on January 1 of thecurrent year in return for his services managing the partnership’sbusiness during the year. The HHH partnership reportsordinary income of $200,000 for the current year.What are the tax consequences to Stephen and to the HHHpartnership if Stephen receives a 30% interest in the partnershipwith an $80,000 FMV.What are the tax consequences if Stephen contributes qualifyingproperty to the HHH partnership in addition to his professionalservices?
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