George and Morris formed a new partnership three years ago. At inception George contributed equipment with a basis of $97,000 and FMV of $101,000. This year (three years later), the equipment is distributed to Morris when its FMV is $116,000. No other distributions have been made since the partnership was formed. How much pre-contribution gain is allocated to George when the property is distributed to Morris? Select one: a. $0 b. $15,000 c. $19,000 d. $4,000