Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest. Bill contributed land worth $100,000 that had an adjusted basis to him of $30,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction?

a. None of Barbara, Bill, or B&B recognized any gain or loss.

b. Bill recognized gain of $70,000 , but Barbara and B&B did not recognize any gain or loss.

c. B&B recognized gain or $70,000 , but Barbara and Bill did not recognize any gain or loss.

d. Bill and B&B each recognized $70,000 of gain, but Barbara did not recognize any gain or loss.