The following statement is true with respect to mixing bowl transactions: Select one:

a. A partner who contributes appreciated property can avoid recognizing the built-in gain on such property if it is distributed to another partner within 7 years of contribution.

b. The mixing bowl rules apply if the contributed property is distributed to the contributing partner.

c. The basis of the distributed property is adjusted only if a valid 754 election is in place.

d. The amount of gain the contributing partner recognizes may be limited to the amount of built-in gain with respect to the property at the time of distribution.