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The Cheers Partnership was organized and began business in March of the current year. Under the partnership agreement, Sam's distributive share of the partnership income

The Cheers Partnership was organized and began business in March of the current year. Under the partnership agreement, Sam's distributive share of the partnership income is 60%. In addition, the partnership paid him a $25,000 fee for organizing the partnership. For the current year, Cheers had $200,000 ordinary income. 


What amount must Sam include as ordinary income from the partnership? 

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