Enter problem statement, appropriate input type, and other instructions here Jack and i form a general partnership. Jack contributes a building with a tor market value of $ 600,000 and a tax basis of $700,000 for a 60 % capital and profite interest in the partnership Jill performa services with a value of $400,000 and receives a 40 % capital and profite Interest in the partnership. What amount of gain, loss or income must ench partner recognize on the transaction 7 O A Jack recognizes no gain or loss, Jill recognizes 5400,000 of ordinary income OB. Jack recognizes a $100.000 loss, Jul recognizes $ 400,000 of ordinary income. OC. Neither Jackor Jil recognize any income or loss OD. Jack recognizes $100.000 ton, Jill recognizes no incommor loss