$2.$ Monica acquired a twenty percent interest in a partnership$$s capital, profits, and losses by contributing property that has a basis of $$8,000$ and a fair market value of $$30,000.$ The property was subject to a liability of $$12,000,$ which the partnership assumed. Monica$$s recognized gain and the basis of her partnership interest were

a$.$ Recognized gain$=$$$1,600$; Basis of partnership interest$=$$$1,600$

b$.$ Recognized gain$=$$$0$; Basis of partnership interest$=$$$1,600$

c$.$ Recognized gain$=$$$4,000$; Basis of partnership interest$=$$$8,000$

d$.$ Recognized gain$=$$$1,600$; Basis of partnership interest$=$$$0$