lan is a partner in a general partnership. On January 1, the partnership distributes $16,000 cash and land with a $27,000 fair market value and an inside basis of $8,000 to lan in complete liquidation of his interest (a proportionate liquidating distribution). The partnership has no liabilities at the date of the distribution. lan's basis in the partnership is $20,000. What is the amount and character of lan's gain (loss) from the distribution? O $0 $12,000 capital gain O $4,000 capital gain O $12,000 ordinary income