Tim, AI, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash of $40,000 and land with a basis of $80,000 (ar market value of $60,000). Al contributed cash of $60,000 and land with a basis of $50,000 (fair market value of $40,000). Pat contributed cash of $60,000 and a fully deprecated property (so basis) valued at $40,000. Which of the following tax treatments is not correct a. Al realizes and recognizes a loss of $10,000. b. Pat realizes a gain of $40,000 but recognizes $0 gain. U . TAP has a basis of $80,000, 350,000, and so in the land and property (exduding cash) contributed by Tim, Aland Pat, respectively d. Tim's basis in his partnership interest is $120,000. Oe. All of these choices are correct