Adjusted Basis FMV

Cash $300,000 $300,000

Receivables 0 100,000

Capital assets 60,000 80,000

Total$ 360,000 $480,000

Gina, capital $90,000 $120,000

Adelle, capital 180,000 240,000

Britney, capital 90,000 120,000

Total $360,000 $480,000

On December 31, Gina receives a distribution of $140,000 cash in liquidation of her partnership interest. Nothing is stated in the partnership agreement about goodwill. Gina's outside basis for the partnership interest immediately before the distribution is $90,000.

(1)How much is Gina's recognized gain from the distribution?

Capital gain:$

Ordinary income:$

(2)How much can GAB claim as a deduction?