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D is corrent. A loss can never be recognized as a result of a pro rata nonliquidating partnership distribution, and again will only be recognized if the amount of cash received exceeds the basis of the partner’s partnership interest. If both cash and noncash property are received in a single distribution, the cash reduces the basis of the partner’s interest before the distribution of noncash property. Here, no gain is recognized because the cash distribution ($11,000) does not exceed the basis of Reed’s partnership interest before the distribution ($25,000).
A is incorrect. Loss can’t be recognized because Reed remains a partner. 
B is incorrect. No gain recognized because the cash received does not exceed his basis. 
C is incorrect. Loss can’t be recognized because Reed remains a partner.