Grumpy contributes land (AB 20, FMV 50) to a partnership in exchange for a 20% interest. Th partnership has liabilities of 10 before Grumpy's contribution. Question 10 (0.5 points) Listen What is Grumpy's beginning basis in the partnership? 20 30 22 52 48 18 50 What are the tax consequences, if any, to Grumpy on this contribution? He will have to recognize some capital gain. He will have to recognize some ordinary income. No tax consequences