Bob, Sue, and Dan contributed assets to form the CAT Partnership. Bob contributed cash of $40,000 and land with a basis of $90,000 (fair market value of $60,000). Sue contributed cash of $60,000 and land with a basis of $50,000 (fair market value of $40,000). Dan contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Each received an equal interest in the partnership. Which of the following tax treatments is incorrect?

a. Bob's basis in his partnership interest is $100,000.

b. Sue realizes a loss of $10,000, but recognizes $0 loss.

c. Dan realizes a gain of $40,000 but recognizes $0 gain.

d. TAP has a basis of $90,000, $50,000, and $0 in the land and property (excluding cash) contributed by Tim, Al, and Pat, respectively.

e. All of these statements are correct.