Name: Due: Sean is admitted to the calendar year XYZ Partnership on December 1 of the current year in return for his services managing the partnership's business during the year. The partnership reports ordinary income of $100,000 for the current year without considering this transaction. Assume a nonleap year and that the partners agree to the proration method with a calendar day convention. Current So Requirements Attempts: a. What are the tax consequences to Sean and the calendar year XYZ Partnership if Sean receives a 20% capital and profits interest in the partnership with a $75,000 FMV? b. What are the tax consequences to Sean and the XYZ Partnership if Sean receives only a 20% profits interest with no determinable FMV? QC9-31 QC:9-1 (bo PC:9-33 Requirement a. What are the tax consequences to Sean and the calendar year XYZ Partnership if Sean receives a 20% capital and profits interest in the partnership QC9-10 (b with a $75,000 FMV? PC9-24 of ordinary income and has Sean reports basis in his partnership interest. The partnership: and recognize gains and losses as if Start