Pettifog Partnership distributes cash of $20,000, hot assets worth $5,000, and a parcel of land in a liquidating distribution to Gupta, a partner. The hot assets have a basis of $0 to the partnership. The land has a fair market value of $80,000 and an inside basis of $55,000. Gupta's outside basis in Pettifog just prior to the distribution is $85,000. Identify the amount of gain or loss Gupta must recognize and Gupta's resulting basis in the land.

	Gain or Loss	Basis in Land
a.	$0	$60,000
b.	$10,000 loss	$0
c.	$0	$65,000
d.	$5,000 loss	$0