A contributes a capital asset to a partnership. The fair market value of the asset at time of contribution is $$70,000$ and the basis is $$20,000.$ Four years later the partnership distributes a different capital asset to A with a fair market value of $$100,000$ and basis of $$30,000.$ A$\text{'}$s basis in his partnership interest at the time of distribution is $$60,000.$ Which of the following is a tax consequence at the time of distribution?

A must recognize $$50,000.$

A must recognize $$40,000.$

A$\text{'}$s basis in his partnership interest is $$110,000,$

The basis of the contributed property is $$70,000.$

None of the above.