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A is corrent. The requirement is to determine Maslan’s basis for his 20% interest in the Gress partnership. Since Maslan received a capital interest with a FMV of $38,000 in exchange for property worth $20,000 and services, Maslan must recognize compensation income of $18,000 ($38,000 - $20,000) on the transfer of services for a capital interest. Thus, Maslan’s basis for his partnership interest consists of the $15,000 basis of assets transferred plus the $18,000 of income recognized on the transfer of services, a total of $33,000.
B is incorrect. Basis includes the compensation Maslan received for services rendered. 
C is incorrect. Maslan is not taxed on the property’s appreciation in value. 
D is incorrect. Basis includes the compensation Maslan received for services rendered.