Anna is a one-third partner in the ANNA partnership (calendar year-end). Anna decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:

	Basis	FMV
Cash	170,000	170,000
Accounts Receivable	0	240,000
Stock Investment	80,000	120,000
Land	300,000	360,000
TOTAL	550,000	890,000

Anna receives one-third of each of the partnership assets. She has a basis in her partnership interest of $250,000.

1. What is the amount and character of any recognized gain or loss to Anna?

2. What is Anna's basis in the distributed assets?

2. Anna is a one-third partner in the ANNA partnership (calendar year-end). Anna decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Anna receives one-third of each of the partnership assets. She has a basis in her partnership interest of $250,000. What is the amount and character of any recognized gain or loss to Anna? What is Anna's basis in the distributed assets