Step 1: Understanding the Concept
Phenylketonuria is an autosomal recessive inborn error of metabolism.
The enzyme phenylalanine hydroxylase converts the amino acid phenylalanine into tyrosine.
Step 2: Statement A
It is caused by a recessive gene, not a dominant one, so A is incorrect.
Step 3: Statement B
In the homozygous recessive condition the enzyme is not formed, so B is correct.
Step 4: Statement C
The enzyme converts phenylalanine into tyrosine and not the reverse, so C is incorrect.
Final Answer:
Only statement B is correct.
\[ \boxed{\text{(B) }\text{Statement B is correct and A and C are incorrect}} \]