Bill, Bob, and Mary contributed equal assets to form the Star Partnership (equal owners). Bill contributed cash of $44,000 and land with a basis of $79,000 (fair market value of $56,000). Bob contributed cash of $75,000 and land with a basis of $40,000 (fair market value of $25,000). Mary contributed cash of $50,000 and a fully depreciated property ($0 basis) valued at $50,000. Which of the following tax treatments is not correct?

Mary realizes a gain of $50,000 but recognizes $0 gain.
	All of these are correct.
	Star Partnership has a basis of $79,000, $40,000, and $0 in the land and property (excluding cash) contributed by Bill, Bob, and Mary, respectively.
	Bill's basis in his partnership interest is $123,000.
	Bob realizes and recognizes a loss of $15,000.