Chip and Marty form an equal partnership with a cash contribution of $200,000 from Chip and a property contribution (adjusted basis of $ 100,000, fair market value of $200,000) from Marty. How much gain, if any, must Chip recognize on the transfer? Must Marty recognize any gain? What is Chip's basis in his partnership interest? What is Marty's basis in his partnership interest? WHat basis does the partnership take in the property transferred by Marty?