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The JK partnership is a CPA firm. L, a staff accountant in the firm, is offered a 1/3 partnership interest in the future profits of
The JK partnership is a CPA firm. L, a staff accountant in the firm, is offered a 1/3 partnership interest in the future profits of the firm. L is not required to make any capital contributions.
(a) Is L taxable upon his admission to the partnership?
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