For tax purposes, a retiring partner who receives retirement payments ceases to be regarded as a partner a. On the last day of the taxable year in which the partner retires. b. On the last day of the particular month in which the partner retires. c. The day on which the partner retires. d. Only after the partner’s entire interest in the partnership is liquidated. 69. John Albin is a retired partner of Brill & Crum, a personal service partnership. Albin has not rendered any services to Brill & Crum since his retirement in 2010. Under the provisions of Albin’s retirement agreement, Brill & Crum is obligated to pay Albin 10% of the partnership’s net income each year. In compliance with this agreement, Brill & Crum paid Albin $25,000 in 2012. How should Albin treat this $25,000?