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