Problem: Jaime performed consulting services for Excel Partnership in exchange for a 10 percent interest in its capital and profits. The FMV of the partnership's assets immediately before Jaime's admission was $1,500,000. The partnerships tax basis in the assets was $800,000. How much income does Jaime recognize from this transaction?
A. $80,000
B. $150,000
C. $70,000
D. $ -0-
Please show work in detail