Exercise 10-17 (LO. 3) Wozniacki and Wilcox form Jewel LLC, with each receiving a one-half interest in the capital and profits of the LLC. Wozniacki receives the one-half interest as compensation for tax planning services rendered prior to the formation of the LLC. Wilcox contributes $50,000 cash. The value of a one-half capital interest in the LLC (for each of the parties) is $50,000. a. How much income does Wozniacki recognize as a result of this transaction, and what is its character? Wozniacki recognizes as b. How much is Wozniacki's basis in the LLC interest? How will Jewel LLC treat this amount? His basis is $ and the partnership