On January 1 of the current year, Jenna and Rob form an equal partnership. Jenna makes a cash contribution of $80,000 and a property contribution (adjusted basis of $120,000; fair market value of $160,000) in exchange for her interest in the partnership. Rob contributes property (adjusted basis of $190,000; fair market value of $240,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?

a. Jenna has a $200,000 tax basis for her partnership interest.

b. Rob recognizes a $50,000 gain on his property transfer.

c. Rob has a $240,000 tax basis for his partnership interest.

d. The partnership has a $160,000 adjusted basis in the property contributed by Jenna.

e. None of the statements is true.