Landon Received $30,000 Cash and a Capital Asset (Basis of $60,000

Multiple Choice

Landon received $30,000 cash and a capital asset (basis of $60,000 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;$60,000 basis.
C) $10,000 gain;$80,000 basis.
D) $10,000 loss;$60,000 basis.
E) $10,000 loss;$80,000 basis.