At the beginning of the tax year. Johns basis for his partnership interest was $30,000. His allocated share of partnership items for the year consisted of short-term capital gain of $2,000 and an ordinary loss of $44,000. He also received a distribution from the partnership of $20,000 cash during the year. For the tax year, John will report:

A. A taxable distribution of $20,000, and ordinary loss of $30,000, and a suspended loss carryforward of $14,000

B. An ordinary loss of $32,000, a short-term capital gain of $2,000, a suspended loss carryforward of $12,000, and a taxable distribution of $20,000

C. A nontaxable distribution of $20,000, a short-term capital gain of $2,000, an ordinary loss of $12,000, and a suspended loss carryforward of $32,000

D. An ordinary loss of $44,000, a short-term capital gain of $2,000, and a nontaxable distribution of $20,000

E. None of the Above