John and Susan formed a partnership. Susan contributed $50,000 in cash and John contributed property with an adjusted basis of $60,000 and a fair market value of $55,000. The partnership sold the property two years after forming the partnership for $45,000. How much capital gain or loss should the partnership recognize on the sale of the contributed property?

a) $10,000 gain
b) $15,000 loss
c) $10,000 loss
d) $ 5,000 loss