Carmin performs services in exchange for a $25\%$ interest in Real Estate Rental Partnership. The services were worth $$15,000.$ The tax implications to Carmin are:

Multiple Choice

$1-$$$15,000$ of taxable income and a partnership interest with a basis of $$15,000.$

$2-$no taxable income and a partnership interest with a basis of $$15,000.$

$3-$$$15,000$ of taxable income and a partnership interest with a basis of $$0.$

$4-$no taxable income and a partnership interest with a basis of $$0.$