17. On January 1 of the current year, Sarah and Bart form an equal partnership. Sarah makes a cash contribution of $60,000 and a property contribution (adjusted basis of $160,000; fair market value of $140,000) in exchange for her interest in the partnership. Bart contributes property (adjusted basis of $120,000; fair market value of $200,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?a. Sarah has a $200,000 tax basis for her partnership interest.b. The partnership has a $140,000 adjusted basis in the property contributed by Sarah.c. Bart recognizes an $80,000 gain on his property transfer.d. Bart has a $120,000 tax basis for his partnership interest.e. None of the statements is true.