Landis Received $90,000 Cash and a Capital Asset (Basis of $50,000

Multiple Choice

Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution. How much gain or loss does Landis recognize, and what is his basis in the asset received?

A) $0 gain or loss; $30,000 basis.
B) $0 gain or loss; $50,000 basis.
C) $0 gain or loss; $60,000 basis.
D) $20,000 gain; $50,000 basis.
E) $30,000 gain; $60,000 basis.