10.3 The balance sheet of equal Partnership OTR, expanded ot show asset values, is as folows: Land O Marketable Securities New Property A New Property Assets Tax Book FMV $ 20,000 $ 80,000 | $120,000 | [None] 30,000 80,000 120,000 50,000 50,000 80,000 Liabilities Tax Book $ 0 $ Capital 20,000 80,000| 30,000 80,000 80,000 80,000 30,000 30,000 40,000 Osgood Theo Raeburn Total Liabilities Total Assets | $130,000 $240,000 $360,000 and Capital $130,000 $240,000 On formation, Osgood contributed Land O, Theo contributed the marketable securities and Raeburn contributed cash which was later used to purchase New Property A and New Property B. The partnership is not an investment partnership described ni section 721(b) due to its substantial land holdings. What are the tax consequences to Osgood and Theo if the partnership distributes al its marketable securities to Osgood ni liquidation of his interest? a) Theo, $0 gain; Osgood, $0 gain b) Theo, $50,000 gain; Osgood, $0 gain c) Theo, $50,000 gain; Osgood, $60,000 gain d) Theo, $50,000 gain; Osgood, $100,000 gain