Penny completely terminates her partnership interest when her outside basis = $45,000. She receives a liquidating distribution of cash = $10,000 and inventory with a basis = $12,000. If Penny also receives office equipment:

a.	She recognizes a loss = $23,000	c.	She recognizes a loss = $35,000
b.	She recognizes a loss = $33,000	d.	She cannot recognize a loss