Bao Had Investment Land That He Purchased in 1990 for $80,000

Bao had investment land that he purchased in 1990 for $80,000. Two years ago, when the land was contributed to a partnership, the FMV was $50,000. The land is inventory in the hands of the partnership. The partnership then sells the land in the current year for $46,000. The partnership's recognized loss is

A) a $30,000 capital loss and a $4,000 ordinary loss.
B) a $34,000 capital loss.
C) a $34,000 ordinary loss.
D) a $4,000 capital loss and a $30,000 ordinary loss.