Jacob received $40,000 of cash and land with an inside basis to the partnership of $30,000 (fair market value of $50,000) in partial liquidation of his interest. Jacobs outside basis for his partnership interest immediately before the distribution is $45,000.

1. Will Jacob recognize any gain or loss?
2. What is the partner's adjusted basis for the property distributed?
3. What is Jacobs outside basis in the partnership after the distribution?