Ertar problem statement, appropriate input type, and other instructions here. ABC Corporation and Billy form a general partnership ABC contributos a building with a fair market value of $ 1.000.000 and a tax bonis of $100,000. The partnership also assumes a recourse liability of S400.000. ABC receives a 80 interent les partnership capital and profits Billy 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 lons must ABC and Billy recognire as a result of these transactions? OA ABC recognies $300,000 gain, Bily recognizes no gain or lo OB. ABC rog 500,000 gain. By recognene ginor OG. Neither partner recognis any in orom OD. A recognis 900.000 in Bly recognis 1.200,000 gan