Connie owns a one-third capital and profits interest in the calendar year CAB Partnership. Her adjusted basis for her partnership interest was $120,000 when she received a proportionate current (nonliquidating) distribution of the following assets. Partnership's Basis in Asset. Asset's Fair Market Value Cash $140,000 $140,000 Land held for investment 30,000 60,000 a. Calculate Connie's recognized gain or loss (f any) on the distribution. b. Calculate Connie's basis in the land received. c. Calculate Connie's basis for her parthership interest after the distribution