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Parrot and Troy create PT Partnership. Parrot contributes assets with a FMV of $ 5 0 0 , 0 0 0 and an adjusted basis

Parrot and Troy create PT Partnership. Parrot contributes assets with a FMV of $

500, 000

and an adjusted basis of $

125, 000,

and Troy contributes accounting services of $

500, 000 .

What income must Parrot and Troy pick up on their tax returns?

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