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 $120,000, fair market value of $180,000) in exchange for her interest in the partnership. Jason contributes property (adjusted basis of $200,000; fair market value of $220,000) 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 $230,000 tax basis for her partnership interest.

D. The partnership has a $180,000 adjusted basis in the land contributed by anna.