Rajesh contributed appreciated property to the RS Partnership in year 1. In vear 4, that property was distributed to Simon. Which one of the following statements best captures the tax consequences of the distribution? Assume the partnership has no hot assets, the property value has increased since the original contribution and none of the precontribution pain has previously been recognized Oa. The partnership recognizes the precontribution gaini Simon's basis in the property is increased by the amount of recognised gan. Ob. Distributions are tax deferred transactions because no cash is distributed neither the partnere nor the partnership recognize gain on the distribution Oc. Rajesh recognizes the precontribution gain and increases his bans in the partnership interest Simon's bass in the distributed property is increased by the amount of recognized gain. Od. Simon recognizes the precontribution gain and increases hic basis in the partnership interest the partnership's bastu in other property is increased by the amount of recognized gain. Rajesh contributed appreciated property to the RS Partnership in year 1. In vear 4, that property was distributed to Simon. Which one of the following statements best captures the tax consequences of the distribution? Assume the partnership has no hot assets, the property value has increased since the original contribution and none of the precontribution pain has previously been recognized Oa. The partnership recognizes the precontribution gaini Simon's basis in the property is increased by the amount of recognised gan. Ob. Distributions are tax deferred transactions because no cash is distributed neither the partnere nor the partnership recognize gain on the distribution Oc. Rajesh recognizes the precontribution gain and increases his bans in the partnership interest Simon's bass in the distributed property is increased by the amount of recognized gain. Od. Simon recognizes the precontribution gain and increases hic basis in the partnership interest the partnership's bastu in other property is increased by the amount of recognized gain