In a proportionate liquidating distribution, Sam receives a distribution of $30,000 cash, accounts receivable (basis of $0, fair market value of $50,000), and land (basis of $20,000, fair market value of $50,000). In addition, the partnership repays all liabilities of which Sams share was $40,000. Sams basis in the entity immediately before the distribution was $120,000. As a result of the distribution, what is Sams basis in the accounts receivable and land, and how much gain or loss does he recognize?

	a.	$0 basis in accounts receivable; $50,000 basis in land; $0 gain or loss.
	b.	$0 basis in accounts receivable; $70,000 basis in land; $30,000 loss.
	c.	$50,000 basis in accounts receivable; $50,000 basis in land; $50,000 gain.
	d.	$0 basis in accounts receivable; $90,000 basis in land; $0 gain or loss.
	e.	$50,000 basis in accounts receivable; $40,000 basis in land; $0 gain or loss.