During 2013,Norman Contributed Investment Property Held for Over One Year

During 2013,Norman contributed investment property held for over one year to the Mary Ann Partnership for a 40 percent interest in partnership capital and profits.His tax basis in the property contributed was $8,000,and the property had a fair market value of $10,000 on the date of the contribution to the partnership.What gain or loss should Norman report as a result of the contribution of the property to the partnership in exchange for the 40 percent partnership interest?

A) No gain or loss
B) $2,000 long-term capital gain
C) $2,000 ordinary income
D) $10,000 long-term capital gain
E) None of the above