The XYZ partnership has the following balance sheet:

Assets		Tax Basis	FMV
Real estate		$120,000	$180,000
Liabilities		$0	$0
Capital
X		$40,000	$60,000
Y		$40,000	$60,000
Z		$40,000	$60,000
		$120,000	$180,000

If Q provides $45,000 of services in exchange for a $25% interest in the partnership, what is the tax effect to Q, X, Y, Z, and XYZ? Assume all of the partners are individuals. How much income does Q recognize? How much gain do X, Y, and Z recognize? How much of a deduction do they get? What basis will XYZ have in the Real estate? What is the balance sheet afterward? If the property is later sold for $180,000, how much gain will each partner recognize? What if it is later sold for $200,000?