ABC Corporation and Bay form a general partnership ABC contributes a building with a fair market value of $ 1,000,000 and a tax basis of $100,000. The partnership also assumes a recourse ability of $400.000 ABC receives a 80 % interest in partnership capital and profits Blly contributes inventory with a fair market value of $400,000 and a fax basis of $100,000 for a 40 % interest in partnership capital and profits What tax basis do ABC and Billy have in their partnership intereste? OA ABC's basis a $0, Bly basis in $200,000 8. ABC's basis is $600,000. Bily basis is $400,000 OG ABC basis is $100,000. Billy's basis is $100.000 OD. ABC basis is $340,000, Bay's basis is $200,000