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Nolan designed Timber Partnerships new building. Nolan received an interest in the partnership for the services. Nolans normal billing for these services would be $80,000,

Nolan designed Timber Partnerships new building. Nolan received an interest in the partnership for the services. Nolans normal billing for these services would be $80,000, and the fair market value of the partnership interest Nolan received is $120,000. What amount of income should Nolan report? $0 $40,000 $80,000 $120,000

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