Enter problem statement, appropriate input type, and other instructions here. Jack and Jill form a general partnership. Jack contributes a building with a fair market value of $ 600.000 and a tax basis of $700,000 for a 60 % capital and profts interest in the partnership, Jill performs services with a value of $400,000 and receives a 40 % capital and profits interest in the partnership. What amount of gain. loss or income must each partner recognize on the transaction ? A Noither Jack nor Jill recognize any income or loss. B. Jack recognizes a $100,000 loss, Jill recognizes $ 400,000 of ordinary income C. Jack recognizes $100,000 1088, Jill recognizes no Incomeor los OD. Jack recognizes no gain or loss, Jill recognizes $400,000 of ordinary income Enter problem statement, appropriate input type, and other instructions here. Francine has basis in her general partnership interest of S60,000. In a liquidating distribution, she receives land with a fair market value of $75,000 and a tax basis of $30,000 In addition after the distribution she is no longer a partner and is no longer liable for partnership debt Her share of partnership debt immediately before the liquidating distribution was $20,000. As a result of this liquidating distribution what gain must recognize and what is her basis in the land? A. Gain recognized $35,000 basis in land $75,000 B. No gain recognized, basks in land $60,000 OC. No gain recognized, basis in land $30,000 D. No gain recognized basis in land $40,000 Enter problem statement, appropriate input type, and other instructions here: ABC Corporation (ABC )owns 90% of the single class of stock in Subsidiary Corporation. The other 10% is owned by Rosie, an individual. ABC's basis in its Subsidiary stock is $ 200,000 and Rosie's basis is $90,000. Subsidiary distributes property A having an adjusted basis of $150,000 and an FMV of $720,000 to ABC and property with a FMV of $80,000 and an adjusted basis of $60,000 to Rosie in a liquidating distribution. Subsidiary had $10 million of earnings and profits at the date of liquidation What gain or loss must Subsidiary recognize on the liquidating distribution ? O A. No gain on either Property A or B OB. $20,000 gain on Property B and $570,000 gain on Property A OC. $570,000 gain on Property A OD. $20,000 gain on Property B