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