Angie sells her one-third interest in the ANG Partnership to Gael for $60,000 cash plus the assumption of her $4,000 share of partnership debt. On the sale date, the partnership balance sheet and agreed-upon fair market values were as follows: Basis FMV Cash $30,000 $ 30,000 Receivables 0 42,000 Land 60,000 120,000 Total $90,000 $192,000 Notes payable $12,000 $ 12,000 Angie, capital 26,000 60,000 Noreen, capital 26,000 60,000 Gigi, capital 26,000 60,000 Total $90,000 $192,000 As a result of the sale, Angie recognizes: a. $14,000 of ordinary income and $20,000 of capital gain. b. $14,000 of capital gain and $24,000 of ordinary income. c. No gain or loss. d. A $38,000 capital gain. e. A $34,000 capital gain