In 2022 Ryce contributes nondepreciable property with an adjusted basis of $60,000 and a fair market value of $95,000 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 $100,000, the partnership distributes the property to Jarvis, the other one half partner. Jarvis's basis in the partnership interest was $100,000 immediately before the distribution. Which partner must recognize a 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 s in the year the property is distributed to Jarvis. He his hip intereit by the oain recognized. Jarvis' basts in the property is In 2022 Ryce contributes nondepredable property with an adjusted basis of $60,000 and a fair market value of $95,000 to the Montgomery Parthership in exchange for a one-half interest in profits and capital. in the next tax year, when the property's fair market value is $100,000, the partnership distributes the property to Jarvis, the other one-half parther. Jarvis's basis in the parthership interest was $100,000 immediately before the dimtribution. Which parther must recognize a giln, what is the amount recognized, and what is the effect on that parther's basis in the partherahip intereat? What is the effect on Jarvis is basis in the nondepreciable property received? must cecognize gain of in the year the property is dhatrbuted to Jarvis. He basis in his partnerthio internst by the gair recognized. Jarvis basis in the property is 3