Which, if any, of the following statements is or are false? I. If property with a built-in loss is contributed to an investment partnership that would be treated as an investment company if the partnership instead was a corporation, the loss will be recognized upon contribution. II. A partnership is entitled to deduct a guaranteed payment to a partner if a cash payment of the same amount to an independent party would have been deductible. a. I only. b. II only c. II and IV. d. III only.