Receiving a Partnership interest in exchange for services rendered is not a taxable event. You have a new investment with an initial basis equal to the value of the services you provided.
Unless the Partnership Agreement provides for guaranteed payments to the partners and you actually receive such payment, there would be no such payments reported on the Schedule K-1 you receive from the partnership.
Champ Rick19744 is correct - Partnership taxes can be complicated. Engaging an experienced tax professional and/or legal advisor may save you many issues in the future.
TurboTax Business now offers both Assisted and Full Service options to help you prepare a Partnership tax return.
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