Carl and Dan agree to form a partnership on January 2, 2016. Each will get a 50% share of profit. Carl will invest $50,000 ($25,000 in cash and a parcel of land, value today $75,000, cost in 2002 25,000) and Dan will do the necessary accounting and legal work to form the partnership. If Dan did that amount of work for a regular client he would have charged $50,000.The partnership sold the land for $80,000 on December 10, 2016.Profit for 2016 was $10,000. What will each report on their federal tax return?