Mrs. Brinkley transferred business property (FMV $340,200; adjusted tax basis $111,700) to M&W Partnership in exchange for a 36% interest in M&W Partnership. Compute M&W's recognized gain on its exchange of an equity interest for property and determine M&W's tax basis in the property received from Mrs. Brinkley. Select one: O a. $111,700 gain recognized; $111,700 tax basis in property O b. $340,200 gain recognized; $111,700 tax basis in property O c. No gain recognized; $340,200 tax basis in property Od. No gain recognized; $111,700 tax basis in property.