Cadwallader has had a 30% interest in C&C Associates, a partnership, since 2009. In 2016, the partnership is liquidated. The partnership’s only assets at the time of liquidation are $50,000 in cash and land with a fair market value of $60,000 and a basis of $65,000. C&C Associates has no liabilities. Cadwallader’s adjusted basis for her partnership interest is $34,500, and she receives $30,000 cash in liquidation of her entire interest. What amount and type of loss should Cadwallader recognize on her 2016 tax return?

a. $4,500 ordinary loss
b. $4,500 long-term capital loss
c. $4,500 short-term capital loss
d. $0