George receives a one-third partnership interest(both capital and profits) in the Cochran & Cherry law partnership in compensation for his work defending J.O. Simpson in a murder trial. The partnership is very profitable and the partnership interest that George receives is worth $ 100,000. The value of the work he did in the trial was $100,000 but he was not given any money - just the partnership interest. Does George have an income tax consequence from this? Give the details of any consequences. Use the editor to format your