Duffy Associates a partnership is engaged in real estate development. Olinto, civil engineer billed Duffy $$40,000$ in the curent year for consulting services rendered. In full settlement of the invoice, Olinto accepted a $$15,000$ cash payment plus the following:

$10\%$ Partnership Interest in Duffy

Automobile

FMV $$3,000$

FMV $7,000$

Duffy Book Value $$3,000$

What should Olinto, a cash basis taxpayer, report on his current$-$year tax return as income for the services rendered to Duffy?

$$15,000$

$$28,000$

$$ $$32,000$