Ellen, Denny, John, and Michelle are equal partners in a partnership that has the following assets: (i) $10,000 of cash, (ii) inventory with a tax basis of $10,000 and a value of $50,000, and (iii) land with a tax basis of $100,000 and a value of $60,000. Each partner has an outside basis of $30,000. Assuming the partnership bas a 754 election in effect, what are the tax consequences if Ellen sells her interest to Pickens for $30,000?

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