Jacob owns a 30% interest in the capital and profits of Royalty Inc. (a partnership. Lindee owns the other 70%). His basis in his partnership interest is $40,000. In a proportionate distribution, Jacob receives $16,000 cash, and a painting (capital asset to the partnership) with an $8,000 inside basis and $14,000 fair market value. The partnership is not liquidating. What is Jacob's basis in the painting?
Group of answer choices
$8,000
$0
$14,000