Enter problem statement, appropriate input type, and other instructions here ABC Corporation and Billy form a general partnership ABC contributes a building with a fair market value of $1,000,000 and a tax basis of $100,000. The partnerships amet a recourse ability of $400,000. ABC receives a 60% interest in partnership capital and profits Bily contributes inventory with a fair market value of $400,000 and a tax basis of $100.000 to a 40 % interest in partnership capital and profits What gain or lots must ABC and Bally recognize as a result of these transactions ? OA ABC recognizes $300,000 gain, Billy recognizes no gain or loss OB. ABC recognizes 360,000 gain, Billy recognizes no gain or los OC. Neither partner recognizes any gain or loss. OD. ARC recognizes 900,000 gain, Billy recognizes $300,000 guin