For a 30% interest in partnership capital, profits, and losses, Carol contributes a machine with a basis of $40,000 and an FMV of $80,000. The partnership assumes a $70,000 recourse liability on the machine. At the time of the contribution, the partnership had recourse liabilities of $10,000. Partoets share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Following the contribution, Carol has p O a capital loss due to the contribution of $6,000 and a zero basis in the partnership interest. a capital gain due to the contribution of $6,000 and a zero basis in the partnership interest. O a $34,000 basis in the partnership interest and no gain or loss. O a $43,000 basis in the partnership interest and no gain or loss.