Alex contributes legal services worth 20,000 in exchange for a 50% partnership interest. What are the tax consequences to Alex? His partnership basis is 20,000; no tax consequences. His partnership basis is 0; ordinary income of 20,000. His partnership basis is 20,000; ordinary income of 20,000. His partnership basis is 0; no tax consequences. Question 9 (0.75 points) Listen If a partner has basis in the partnership of and receives a distribution of inventory (AB 12, FV 15), what are the tax consequences to the partner? No tax consequences; basis in inventory received is 15. No tax consequences; basis in inventory received is 10. No tax consequences; basis in inventory received is 12. Capital gain 5; basis in inventory received is 15