Albert received $25,000 cash and a capital asset with a basis and fair market value of $45,000 in a proportionate liquidating distribution. His basis in his partnership interest was $80,000 prior to the distribution. How much gain or loss does Albert recognize, and what is his basis in the capital asset received in the distribution? Select one:

a. $0 gain or loss; $55,000 basis.

b. $20,000 loss; $45,000 basis.

c. $20,000 gain; $45,000 basis.

d. $0 gain or loss; $45,000 basis.