if partner 1 contributes property with precontribution gain 704(c) to a partnership and said partnership distributes this property to partner 2 within 7 yrs, which of the following occurs:

1. partner 1 must recognize any remaining precontribution gain

2. partner 2 must revognize partner 1's remakning precontribution gain

3. partnership recognizes the remaining precontributoon gain

4. there is no gain revognition