Kendra is an attorney and owns 60 percent of a law partnership. Kendra sells land to the partnership for $50,000 in the current tax year. She bought the land for $100,000 eight years ago when real estate prices were at their peak. How much gain or loss must Kendra recognize on the land sale to the partnership?

a. No gain or loss
b. $30,000 loss
c. $50,000 loss
d. $50,000 short-term capital loss, limited to $3,000 allowed per year