Q) A, B, C and D form an equal partnership. A, B and C each contribute cash of $40,000. D contributes land with a basis of $40,000 and FMV of $100,000. The land is subject to a mortgage of $60,000 which is assumed by the partnership. As a result of this transaction:

a- D has a basis of $0 in the partnership. b- D must recognize a gain of $5,000 on the contribution. c- A, B and C each have a basis of $ $55,000 in the partnership. d- A, B and C do not recognize gain on their contributions. e- All of the above.