Doc contributes land (AB 20, FMV 50) to a partnership in exchange for a 20% interest. The partnership has no liabilities before this contribution, but the land has a mortgage of 15 attached to it. Question 14 (0.5 points) Listen What is Doc's beginning basis in the partnership? 2 23 38 53 17 8 47 What are the tax consequences, if any, to Doc on this contribution? He will have to recognize some ordinary income. He will have to recognize some capital gain. No tax consequences