A and B are equal partners in ABC partnership with each having an outside basis in their partnership interest of $100,000. The partnership distributes land with a basis of $30,000 and a FMV of $60,000 to A and Equipment with a basis of $40,000 and a FMV of $50,000 to B. Do A or B have any gain or loss on the distributions? What basis does each take in the assets received?