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 $$50,000).$ In addition, the partnership repays all liabilities, of which Sam's share was $$40,000.$ Sam's basis in the entity immediately before the distribution was $$120,000.$ As a result of the distribution, what is Sam's basis in the accounts receivable and land, and how much gain or loss does he recognize?

a$)$ $$0$ basis in accounts receivable; $$70,000$ basis in land; $$30,000$ loss.

b$)$ $$50,000$ basis in accounts receivable; $$50,000$ basis in land; $$50,000$ gain.

C$)$ $$50,000$ basis in accounts receivable, $$40,000$ basis in land; $$0$ gain or loss.

d$)$ $$0$ basis in accounts receivable; $$50,000$ basis in land; $$0$ gain or loss.

e$)$ $$0$ basis in accounts receivable; $$90,000$ basis in land; $$0$ gain or loss.