Enter problem stalement appropriate input type, and other instructions here ABC Corporation and Bily form a general partnership ABC contbutes a buiding with a far market value of $ 1.000.000 and a tax basis of $100,000. The partnership also assumes a recourse ability of $400,000 ABC receives a 60% Interest in partnership capital and profis Bily contributes inventory with a fair market value of $400,000 and a tax basis of $100.000 for a 40 % interest in partnership capital and profits What gain or one must ABC and Billy recognize as a result of these transactions ? OA ABC recognizes 5000,000 gain, Billy recognizes $300,000 gain OB. Neither partner recognizes any gain or loss OC ABC recognizes $300,000 gain, Bely recognizes no gain or los OD. ABC recognizes 560 000 gain, Billy recognizes no gain or loss