Mario is a 30% partner in the MAC Partnership. On January 1, MAC distributes $48,000 cash and land with a $32,000 fair value (inside basis $16.000), MAC has no liabilities at the date of the distribution Mario's basis in MAC is $40,000. What is the amount and character of Mario's gain or loss from the liquidating distribution? 50 O $8,000 capital gain O $24,000 ordinary income $40,000 capital gain