QUESTION 22 In exchange for a twenty percent (20%) interest in capital and profits, Maggie contributes property subject to a 560,000 liability to a Partnership. Maggie's basis in the property immediately before the transfer was $40.000. Which of the following statements is correct? The Partnership's Basis in the property received from Maggie is $48.000 Maggie is required to recognize a Gain of 58.000 Maggie's basis in her Partnership Interest immediately after the exchange is $40.000 The Partnership's Basis in the property received from Maggie is 5-0- UESTION 22 In exchange for a twenty percent (20%) interest in capital and profits Maggie contributes property subject to a $60,000 liability to a Partnership. Maggie's basis in the property immediately before the transfer was $40,000. Which of the following statements is correct? The Partnership's Basis in the property received from Maggie is $48.000 Maggie is required to recognize a Gain of $8.000. Maggie's basis in her Partnership Interest immediately after the exchange is $40,000, The Partnership's Basis in the property received from Maggie is 5-0