P and Q form a 50-50 partnership to operate a drapery business. Q contributes cash of $20,000. P contributes sewing equipment that has a fair market value of $100,000 and which is subject to a recourse liability of $80,000. P's adjusted basis in the equipment is $30,000. Both partners have sufficient net worth to repay the recourse liability in full. How much gain will P recognize? Question 3Select one: a. $0 b. $10,000 c. $40,000 d. $90,000 e. None of the above