Bryce's basis in the Markit Partnership is $58,000. In a proportionate liquidating distribution, Bryce receives the following assets:

.....................................Tax Basis..............FMV

Cash...............................$8,000............$8,000

Land A............................20,000...........45,000

Land B............................20,000...........25,000

a. How much gain or loss will Bryce recognize on the distribution? What is the character of any recognized gain or loss?

b. What is Bryce's basis in the distributed assets?