In $2023$ Ryce contributes nondepreciable property with an adjusted basis of $$112,600$ and a fair market value of $$168,900$ to the Montgomery Partnership in exchange for a one$-$half interest in profits and capital. In the next tax year, when the property's fair market value is $$180,160,$ the partnership distributes the property to Jarvis, the other one$-$half partner. Jarvis's basis in the partnership interest was $$180,160$ immediately before the distribution. Which partner must recognize the built$-$in gain, what is the amount recognized, and what is the effect on that partner's basis in the partnership interest? What is the effect on Jarvis's basis in the nondepreciable property received?

$$ must recognize gain of $ $$ in the year the property is distributed to Jarvis. He $$ his basis in his partnership interest by the gain recognized. Jarvis' basis in the property is $