Adam and Brianna are equal partners in a partnership whose sole asset is a commercial building with a fair market value of $150,000 and an adjusted basis of $90,000. The building has been depreciated on a straight-line basis. Each of the two partners has a $45,000 outside basis in his or her partnership interest. Chelsea has performed real estate management services for the partnership over the past year and has agreed to perform additional services in the future.

(a) What are the tax consequences to Chelsea and to the partnership if Chelsea receives a one-tenth capital interest in the partnership as compensation for her management services over the past year? What will be the partnership's balance sheet (including the partners' respective capital accounts) immediately after the receipt of this partnership interest by Chelsea?

(b) If the partnership sells the building for its fair market value of $150,000 the day after Chelsea becomes a partner, what will be the partnership's balance sheet (including the partners' respective capital accounts) immediately after that sale?