(Answered) Question - xz partnership has the following assets of

Accounting

Question - XZ partnership has the following assets of January 1:

Assets Basis FMV

Cash $ 5,000 $ 5,000

Accounts receivable 9,000 9,000

Inventory 30,000 36,000

Property, plant and equipment 10,000 16,000

The partnership agreed to admit Tuyen as a 1/3 partner in exchange for services valued at $22,000.

What amount of taxable income, if any, does Tuyen report?

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