Landon Received $50,000 Cash and a Capital Asset (Basis of $70,000

Multiple Choice

Landon received $50,000 cash and a capital asset (basis of $70,000 and fair market value of $80,000) in a proportionate liquidating distribution. His basis in his partnership interest was $100,000 prior to the distribution. How much gain or loss does Landon recognize and what is his basis in the asset received?

A) $0 gain or loss; $70,000 basis.
B) $0 gain or loss; $50,000 basis.
C) $20,000 gain; $70,000 basis.
D) $30,000 gain; $70,000 basis.
E) $30,000 gain; $80,000 basis.