In a proportionate liquidating distribution, Ashleigh receives a distribution of $30,000 cash, accounts receivable (basis of $0, fair market value of $40,000) , and land (basis of $40,000, fair market value of $50,000) . In addition, the partnership repays all liabilities of which Ashleigh's share was $70,000. Ashleigh's basis in the entity immediately before the distribution was $60,000. As a result of the distribution, what is Ashleigh's basis in the accounts receivable and land, and how much gain or loss does she recognize?

a. Basis in accounts receivable: $0; Basis in land: $50,000; Recognized gain: $20,000
b. Basis in accounts receivable: $10,000; Basis in land: $60,000; Recognized gain: $10,000
c. Basis in accounts receivable: $20,000; Basis in land: $70,000; Recognized gain: $0
d. Basis in accounts receivable: $30,000; Basis in land: $80,000; Recognized gain: $30,000