Enter problem statement, appropriate input type, and other instructions here Jack and Ji form a general partnership Jack contributes a building with a fair market value of $ 600,000 and a tax basis of $700,000 for a 60 capital and profits interest in the partnership Jill performs services with a value of $100.000 and receives a 40 % capital and profits interest in the partnership What amount of gain, loss or income must each partner recognize on the transaction? OA Jack recogniw $100,000 loss li recognitos no incontro OB Jack recognizes no gain or los recognizes $400,000 of ordinary income OG. Neither Jackor 3 recognize y income or los D. Jack recogns a $100.000 og 400.000 of ordinary Income