4 Noncash property is invested in a partnership and an associated liability is assumed by the partnership. At what amount should the noncash property be credited to the contributing partner's capital account? A. Fair value at the date of contribution less the fair value of the liability assumed. B. Fair value at the date of contribution less the present value of the liability assumed. C. Contributing partner's original cost less the fair value of the liability assumed. D. Contributing partner's tax basis less the present value of the liability assumed