12.Johnny storm is a 25% general partner in Us 4, a cash basis service entity. Us 4 distributes $300,000 to him in complete liquidation of his interests, which includes $50,000 for goodwill. The partnership has unrealized receivables (FMV: $400,000; basis; $0) and no other hot assets. The partnership has no operating agreement. Which of the following statements is correct?

Johnny has $100,000 of ordinary income.

The $50,000 payment that relates to goodwill cannot be deducted by the partnership.

Johnny has $150,000 of ordinary income.

The partnership has a $100,000 deduction.

None of the above.