When AllRight Properties LLC was formed, Aaron contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Bill contributed cash of $300,000. Both members received a 50% interest in LLC profits and capital. If AllRight sells the land several years later for $300,000, how much tax gain will Aaron and Bill report?

a. Aaron reports a $75,000 gain, Bills gain is $75,000

b. Aaron reports a $100,000 gain, Bills gain is $50,000

c. Aaron reports a $200,000 gain, Bills gain is $50,000

d. Aaron reports a $250,000 gain, Bills gain is $0