ABC Corporation and Blly 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 lability of S400,000 ABC receives a 60 % interest in partnership capital and profes. By contributes inventory with a fair market value of $400,000 and a tax basis of $100,000 for a 40 % interest in partnership capital and profits What gain or los must ABC and Billy recognize as a result of these transactions ? O A ABC recognizes $ 900,000 gain, Billy recognizes $300,000 guin OB. Neither partner recognizes any gain or loss OC ABC recognizes $300.000 gain, Bey recognizes no gain or los OD. ABC recognizes 560.000 gain, Billy recognizes no gain or loss