33. Arthur and Benny are equal partners. Arthur contributes an asset worth $1,000,000 with an adjusted basis of $400,000. Benny contributes $1,000,000 in cash. If the partnership later sells the asset for $1,200,000, how should the gain or loss, if any, be reported by the partners or partnership?

a. The gain of $800,000 is shared equally between Arthur and Benny as equal partners

b. The gain of $200,000 is shared equally between Arthur and Benny as equal partners

c. Arthur will report a gain of $700,000 and Benny will report a gain of $100,000

d. Arthur will report a gain of $800,000

e. The partnership will pay a built-in gains tax on any gain