Lance Transferred Land Having a $180,000 FMV and a $105,000

Lance transferred land having a $180,000 FMV and a $105,000 adjusted basis, which is subject to a $150,000 mortgage in exchange for a one- third interest in the Trois Partnership. Lance acquired the land in 2010. The partnership owes no other liabilities. Lance, Rhonda, and Zach share profits and losses equally and each has a one- third interest in partnership capital. The tax effect to Lance is

A) no gain or loss recognized.
B) recognized gain of $45,000 on the transfer.
C) recognized loss of $45,000 on the transfer.
D) recognized gain of $75,000 on the transfer.