Julie 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 her interest. Julies outside basis for her partnership interest immediately before the distribution is $80,000.

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