Ronald Is a 50% partner in the Reagan Partnership. Ronald sells one half of his interest to George for $60,000 cash. Just before the sale, Ronald's batis in his entire partnership interest is $150.000 including his $60,000 share of the partnership liabilities. Reagan's assets on the sale date are as follows: Cash - FMV $80.000. Adjusted Basis $80,000; Inventory - FMV $180,000. Adjusted Basis 560,000: Land - FMV $100.000. Adjusted Basis $160.000. What is the amount and character of Ronald's gain or loss on the sale? a. 515.000 capital loss Ob. 515,000 ordinary income $30,000 capital gain O c $45,000 capital gain Od. $30.000 ordinary income: 515,000 capital loss