AJ is a $30$ percent partner in the Trane Partnership, a calendar$-$year$-$end entity. On January $1,$ AJ has an outside basis in his interest in Trane of $$77,500,$ which includes his share of the $$53,600$ of partnership liabilities. Trane generates $$43,800$ of income during the year and does not make any changes to its liabilities. On December $31,$ Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest:

Tax Basis FMV

Inventory $ $59,500$ $ $70,400$

Land $31,80025,900$

Totals $ $91,300$ $ $96,300$

Note: Leave no answer blank. Enter zero if applicable.

a$.$ What are the tax consequences $($gain or loss, basis adjustments$)$ of the distribution to Trane? b$.$ What are the amount and character of any recognized gain or loss to AJ$?$ c$.$ What is AJ's basis in the distributed assets? d$.$ If AJ sells the inventory four years after the distribution for $$75,400,$ what are the amount and character of his recognized gain or loss?