Borat owns a 20 % interest in a general partnership. In a current distribution (Borat remains a partner after the distribution) Borat receives cash of $50,000 and a piece of land with a fair market value of $200,000 and a tax basis of $70,000. Borat's tax basis in his partnership interest Immediately before the distribution was $30,000. What gain or loss does Borat recognize and what is his basis in the land received in the distribution? O A Gain recognized $20,000 basis in land $70,000 8. Gain recognized $90,000; basis in land $70,000 OC. Gain recognized $20,000, basis in land 50 D. Gain recognized $220,000; basis inland $200,000