In 2018 Ryce contributes nondepreciable property with an adjusted basis of $119,200 and a fair market value of $178,800 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 $190,720, the partnership distributes the property to Jarvis, the other one-half partner. Jarvis's basis in the partnership interest was $190,720 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?