Alex provides $200,000 of legal services in exchange for a 20% capital and profits interest in B partnership. What income or deductions must be picked up in Alex's and B Partnerhip's tax returns? Alex recognizes $200,000 of ordinary income and B Partnershlp ean deduct $200,000 amortized under IRC section 248 Alex recognizes $200,000 of ordinary income and B Partnership can deduct $200,000 in the current year Alex recognizes $40.000 of ordinary income and B Partnetship can deduct $200.000 in the current year Alexnor B Partnership recognize income under IRC section 721