M and C form a partnership in the current year, with M contributing $50,000 in cash for a 60% interest in profits and losses. C contributed a piece of investment land with a basis of $30,000 and a FMV of $60,000 for a 40% interest in profits and losses. At the contribution date, the contributed property was encumbered by a $60,000 mortgage, which the partnership assumed. As a result of C's contribution to the partnership, which of the following statements is true. A. C had to recognize a capital gain of $6,000, B. C had an interest basis in the partnership of $14,000, C. C had capital gain of $14,000 and a zero interest basis in the partnership.