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C, an experienced real estate manager, receives anon-forfeitable 10% profits interests in the AB generalpartnership, whose sole asset is a commercial building with a valueof $1,000,000 in return for his agreement to render managementservices in his capacity as a partner. Net rentals from thebuilding recently have been averaging $100,000 per year. C has beenasked to manage the building in the hope that his expertise willincrease the rental and ultimately lead to a profitable sale of theproperty. (a) What are the tax consequences to C upon receipt of theprofits interest? (b) What are the tax consequences to C upon receipt of theprofits interest if C, prior to becoming a partner, renderedservices to the partnership in connection with obtaining financingand soliciting tenants for the building? (c) What result in (a), above, if C sells his profits interestfor $50,000 within one year of acquiring the interest and prior toreceiving any profits? (d) What results in (c), above, to the partnership (and A andB)? (e) What result to C and to the partnership in (a), above, ifC’s profits interest was subject to forfeiture until C renderedservices for the partnership for a period of 5 years? . . .