Celeste owns a 1/3 capital and profits interest in the calendar-year CDE Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $100,000. On that date, she receives a proportionate nonliquidating current distribution of the following assets (The #s shown are her share of the total partnership amounts.):

	Adjusted Basis	FMV
Cash	$60,000	$60,000
Inventory	20,000	18,000
Land	40,000	50,000

a. Calculate Celestes recognized gain or loss on the distribution, if any.

b. Calculate Celestes basis in the inventory received. c. Calculate Celestes basis in land received. The land is a capital asset. d. Calculate Celestes basis for her partnership interest after the distribution.