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1. A well-known actor was paid a lump sum by the movie producer of $1,000,000 for agreeing not to star in any new movies for

1. A well-known actor was paid a lump sum by the movie producer of $1,000,000 for agreeing not to star in any new movies for the next 1 year. Discuss whether both the $1,000,000 receipts will be considered as Ordinary Income.

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