Jimmy is a partner in the Spittin Chicklets Partnership. Jimmy has an outside basis of $110,000 at the end of the current year prior to any distributions. On December 31, Jimmy receives a proportionate operating distribution of $19,000 cash and stock in a privately held corporation (not treated as cash) that was held by the partnership for several years with a $281,000 fair market value and a $32,000 inside basis. Spittin Chicklets Partnership has no debt or hot assets.

a. How much gain or loss does the partnership recognize on the distribution of the stock?