Nicole, a partner in NAB Partners, has a tax basis in her partnership interest of $47,000 when she completely liquidates her interest in the partnership. Nicole receives a distribution of $20,000 cash and Section 1231 property with a tax basis to the partnership of $18,000 and a fair market value of $12,000. What is Nicole's recognized tax loss on the liquidating distribution?

Select one:

a. ($15,000)b. ($27,000) c. 0d. ($9,000)