The ABC Partnership's balance sheet on a cash basis at January 1 of the current year was as follows: Fair Market Basis S15,000; Value \$ 15.000 Assets Cash Accounts receivable Land 45,000 $60,000 45,000 60,000 $120,000 Equities Notes payable A capital B capital C capital $ 30,000 10,000 10,000 10,000 $60,000 30,000 30,000 30,000 30,000 $ 120,000 If C withdraws from the partnership under an agreement whereby he takes one-third of each of the three assets and assumes $10,000 of the notes payable, how much gain or loss should he report? . $15,000 ordinary gain. B.$15,000 ordinary gain and $5,000 capital gain. $5,000 ordinary gain. D. gain or los