Elder Attorney had practiced law for several years and had accumulated \(\$ 50,000\) in accounts receivable. He reported his income for tax purposes under the cash receipts and disbursements method. Elder formed an equal partnership with Senior Counsel, Lawyers Unlimited, a cash-basis law partnership, and transferred his \(\$ 50,000\) accounts receivable to the partnership for their admitted FMV of \(\$ 50,000\). In the first year of the partnership, its cash-basis income was \(\$ 100,000, \$ 50,000\) of which was the collection of the transferred receivables. When is the income of the partnership reported and by whom?