A partnership distributes land with a fair market value (FMV) of $80,000 and an adjusted basis to the partnership of $65,000, to one of its partners, Ted. Ted's basis in his partnership interest immediately before the distribution is $33,000: What amount of gain will the partnership recognize on the distribution, and what is Ted's basis in the land he receives on the distribution?
a. $15,000 gain; $48,000 basis in the land
b. $0 gain; $65,000 basis in the land
c. $15,000 gain; $65,000 basis in the land
d. $0 gain; $33,000 basis in the land
e. $0 gain; $80,000 basis in the land