12.3: Partner Z of the XYZ partnership receives a liquidating distribution of the following:

Basis FMV

Cash $40,000 $40,000

Inventory $30,000 $45,000

Unrealized Receiv. $50,000 $45,000

Land $25,000 $40,000

Building $45,000 $10,000

Z's basis in her partnership interest was $215,000.What is her gain or loss and the bases of the assets distributed to her? (Also, cite the applicable tax code.)