Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution. How much gain or loss does Landis recognize and what is his basis in the asset received?

$0 gain or loss; $30,000 basis.

$0 gain or loss; $50,000 basis.

$0 gain or loss; $60,000 basis.

$20,000 gain; $50,000 basis.

$30,000 gain; $60,000 basis.