On December 31 of the current year, after receipt of his share of partnership income, Fox sold his interest in a limited partnership for $50,000 of cash plus relief of all liabilities. On that date, the adjusted basis of Fox’s partnership interest was $60,000, consisting of his capital account of $33,000 and his share of’ the partnership liabilities of $25,000. The partnership has no unrealized receivables or substantially appreciated inventory. What is Fox’s gain or loss on the sale of his partnership interest?

a. Ordinary loss of $10,000

b. Ordinary gain of $15,000

c. Capital loss of $10,000

d. Capital gain of $15,000