On January 1 of the current year, Anna and Jason form an equal partnership. Anna contributes $50,000 cash and a parcel of land (adjusted basis of $100,000; fair market value of $150,000) in exchange for her interest in the partnership. Jason contributes property (adjusted basis of $180,000; fair market value of $200,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?

A. Jason recognizes a $20,000 gain on his property transfer.

B. Jason has a $200,000 tax basis for his partnership interest.

C. Anna has a $150,000 tax basis for her partnership interest.

D. The partnership has a $150,000 adjusted basis in the land contributed by Anna.

E. None of the statements is true.