On January 1 of the current taxable year, Sam and Barbara form an equal partnership. Sam makes a cash contribution of $60,000 and a contribution of property with an adjusted basis to him of $160,000 and a fair market value of $140,000 in exchange for his interest in the partnership. Barbara contributes property with an adjusted basis to her of $120,000 and a fair market value of $200,000in exchange for her partnership interest. Which of the following statements is accurate regarding the income tax consequences of this transaction?

a. Sams adjusted basis in his partnership interest is $200,000.

b. The partnerships adjusted basis in the property contributed by Sam is $140,000.

c. Barbara recognized a gain of $80,000 with respect to her contribution of property.

d. Barbaras adjusted basis in her partnership interest is $120,000.