16. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $40,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $55,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. How much is includible in each partners gross income for the year as the result of the distribution? a. $10,000 b. $55,000 c. $25,000 d. $5,000 e. 0