Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the new formed ZAT Partnership. All other partners contributed cash and ZAT partnership has no liabilities. How much income must Zoey recognize as a result of the transaction? a) $0. b) $20,000. c) $45,000. d) $55,000. e) $100,000.