Lance Transferred Land Having a $180,000 FMV and a $105,000

Multiple Choice

Lance transferred land having a $180,000 FMV and a $105,000 adjusted basis,which is subject to a $150,000 mortgage in exchange for a one-third interest in the Trois Partnership.Lance acquired the land in 2002.The partnership owes no other liabilities.Lance,Rhonda,and Zach share profits and losses equally and each has an one-third interest in partnership capital.The tax effect to Lance is

A) no gain or loss recognized.
B) recognized gain of $45,000 on the transfer.
C) recognized gain of $75,000 on the transfer.
D) recognized loss of $45,000 on the transfer.