mail transferred business personalty (FMV $187,000; adjusted tax basis $29,900 ) to J\&K Partnership in exchange for a partnersh Which of the following statements is true? Jamail owns a 14% partnership interest immediately after the exchange, he must recognize a $157,100 gain. Jamail owns 34% partnership interest immediately after the exchange, he recognizes no gain on the exchange. Jamail owns a 14% partnership interest immediately after the exchange, his tax basis in the interest is $187,000. pents A and C are true