Martin has an adjusted basis in his one-fifth interest in Gateway Partners of $45,000. The partnership has no liabilities and no hot assets. Martin receives a distribution of $33,000 cash in complete liquidation of his interest in the partnership. How much gain or loss will Martin recognize on receipt of the liquidating cash distribution?

a. zero

b. $33,000 gain

c. ($12,000) loss

d. $12,000 gain

e. none of the above