Sandy and Teddy formed a partnership. Sandy received a 60% interest in capital and profits in exchange for contributing land with a basis of $180,000 and a fair market value of $300,000. Teddy received a 40% interest in capital and profits in exchange for contributing $200,000 of cash. Three years after the contribution date, the land contributed by Sandy is sold by the partnership to a third party for $380,000. How much taxable gain will Teddy recognize from the sale?

a. $72,000.

b. $48,000.

c. $32,000.

d. $80,000.

e. $120,000.