Kevin,Chuck,and Greg Contributed Assets to Form the Equal KCG Partnership

Multiple Choice

Kevin,Chuck,and Greg contributed assets to form the equal KCG Partnership.Kevin contributed cash of $50,000 and land with a basis of $80,000 (fair market value of $50,000) .Chuck contributed cash of $30,000 and land with a basis of $40,000 (fair market value of $70,000) .Greg contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000.Which of the following tax treatments is not correct?

A) Kevin's basis in his partnership interest is $130,000.
B) Chuck's basis in his partnership interest is $100,000.
C) Greg's basis in his partnership interest is $60,000.
D) KCG has a basis of $80,000,$40,000,and $0 in the land and property (excluding cash) contributed by Kevin,Chuck,and Greg,respectively.
E) All of these statement are correct.