C:10-32 Liquidating Distribution. Marinda is a one-third partner in the MWH Partnership before she receives $100,000 cash as a liquidating distribution. Immediately before Marinda re- ceives the distribution, the partnership has the following assets: Assets Partnership's Basis Cash $100,000 Marketable securities 50,000 90,000 Total $240,000 Investment land FMV $100,000 90,000 140,000 $330,000 At the time of the distribution, the partnership has $30,000 of outstanding liabilities, which the three partners share equally. Marinda's basis in her partnership interest before the distribution was $80,000, which includes her share of liabilities. What are the amount and character of the gain or loss recognized by Marinda and the MWH Partnership on the liquidating distribution? Assume that no Sec. 754 election is in effect