Which of the following statements is correct?

Select one:

a.

The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 731 to the contributing partner at such time.

b.

The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.

c.

The basis of property sold to a partnership by a partner shall be the adjusted basis of such property to the selling partner at the time of the sale

d.

The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution reduced by the amount (if any) of loss recognized by the contributing partner at such time.

e.

None of the above.