Jerry is a partner in ABC Partnership. On January 1, ABC makes a proportionate liquidating distribution of $26,000 cash. The partnership only has capital assets and has no liabilities at the date of the distribution. Jerry's basis in the partnership is $37,000. What is the amount and character of Jerry's gain or loss on the distribution?

A. $0 gain or loss.

B. $11,000 capital gain.

C. $11,000 ordinary income.

D. $11,000 capital loss.