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| On July 1, 2013, Lydia Amador received a 10% interest in the capital of Nido Associates, a partnership, for services rendered. Nido’s net assets at July 1 had a basis of $70,000 and a fair market value of $100,000. What income must Lydia include in her 2013 tax return for the partnership interest transferred to her by the other partners? A. $ 7,000 ordinary income. B. $10,000 ordinary income. C. $10,000 long-term capital gain. D. $0. |