Khalid contributes land (fair market value of $700,000; adjusted basis of $200,000) and Dan contributes $700,000 cash to form Teal Partnership. Khalid and Dan each own a 50% interest. One year later, Teal sells the land for $800,000. How much gain is recognized by each partner? a. $600,000 to Khalid, $0 to Dan. b. $550,000 to Khalid, $50,000 to Dan. c. $300,000 to Khalid, $300,000 to Dan. d. $50,000 to Khalid, $50,000 to Dan.