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Cuong was admitted to a 40% interest in Nguyen Partnership for past, present, and future services.The partnership had the following balance sheet: Cash, $400 Goodwill,

Cuong was admitted to a 40% interest in Nguyen Partnership for past, present, and future services.The partnership had the following balance sheet:

Cash, $400

Goodwill, basis = $0, fair market value = $1,600

I am trying to figure out how this transaction is treated to Cuong and the other partners. Please include relevant code regulations to help me research them further.

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