Business
Business, 28.05.2021 22:30, Lalawhite1082

Geraldine, an attorney, rendered legal services in organizing an oil and gas partnership in the current year. Instead of submitting a bill for her services. Geraldine accepted a 10% capital interest in the partnership. Geraldine's normal charge for the services performed would have been $10,000. The fair market value of the 10% interest received by Geraldine was $12,000. How much should Geraldine report on her current year's income tax return

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