Joanne acquired a 30% interest in the ABC General Partnership by contributing investment land with an adjusted basis of $30,000 and a fair market value of $100,000. She originally acquired the land on 2/2/1991. The land was subject to a $40,000 mortgage which was assumed by the ABC partnership as part of the deal. Mary acquired a 70% interest in the partnership in exchange for a capital contribution of $140,000 in cash. Both capital contributions occurred on 1 January' 2015. The partnership used the land contributed by Joanne to operate a parking lot. During 2015, the partnership had net rental income of $70,000. In addition, on 13 April 2015, the land was sold for a total sales price of $125,000 ($85,000 of cash, and the buyer assumed the $40,000 mortgage). During 2015, the partnership distributed $30,000 of cash ($9,000 of Joanne & $21,000 to Mary). The partnership had $60,000 of recourse liabilities as of 12/31/2015 (the partnership borrowed $60,000 to provide funds for operations and possible expansion). How much and what type of income and/or loss must Joanne report from 2015 partnership activity? What is Joanne's basis in the partnership as of 12/31/2015