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B is corrent. The requirement is to determine the amount of income to be reported by Nolan upon the receipt of a partnership interest in return for services rendered. A taxpayer must recognize income when a capital interest in a partnership is received as compensation for services rendered. The amount of income to be reported is the fair market value of the partnership interest received, $120,000.
A is incorrect. Nolan is taxed on the value of the partnership interest received. 
A is incorrect. Nolan is taxed on the value of the partnership interest received. 
D is incorrect. Nolan is taxed on the value of the partnership interest received.