Jack and Jill 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 $400,000 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 ? O A. Jack recognizes no gain or loss , Jill recognizes $400,000 of ordinary income. O B. Jack recognizes $100,000 loss , Jill recognizes no incomeor loss. OC. Jack recognizes a $100,000 loss , Jill recognizes $ 400,000 of ordinary income. OD. Neither Jack nor Jill recognize any income or loss