R, an Individual, Purchased All the Stock of T Corporation

R, an individual, purchased all the stock of T Corporation on January 1, 2003 for $20,000.On January 1, 2012, T adopts a plan of liquidation.On January 20, 2012, T sells land with a basis of $60,000 for $45,000.On January 31, 2012, T distributes the $45,000 cash plus its only other asset, FIFO inventory with a basis of $40,000 and a fair market value of $48,000, to R.Which of the following statements is true?

A) T recognizes a loss of $15,000; R recognizes a gain of $73,000 and takes inventory with a basis of $48,000.
B) Neither T nor R recognize gain.
C) T recognizes neither gain nor loss; R recognizes a $73,000 gain and has a basis for the inventory of $48,000.
D) T recognizes a $15,000 loss on the sale and an $8,000 gain on the distribution; R recognizes a gain of $73,000 and has inventory with a basis of $48,000.
E) T recognizes a $15,000 loss on the sale and an $8,000 gain on the distribution; R recognizes neither gain nor loss and has inventory with a basis of $40,000.