Discuss any tax implications to you as a service partner, Taxation

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Discuss any tax implications to you as a service partner

Problem

You and I enter into a Partnership agreement. I will Contribute Cash for $50,000 and you will provide Services and not contribute any cash or property. You will be given a vested Profit and Equity interest in the partnership of 50 percent on day one. Therefore, we shall both have a 50/50 Profit and Equity Interest from inception. Discuss any tax implications to you as a Service Partner? Will you have any basis in the Partnership upon inception?

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Taxation: Discuss any tax implications to you as a service partner

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Taxation: Discuss any tax implications to you as a service partner

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