Karli owns a 25% capital and profits interest in the calendar-year KJDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $200,000. On that date, she receives a proportionate current (nonliquidating) distribution of the following assets.

	Partnerships Basis	FMV
Cash	$150,000	$150,000
Inventory	30,000	60,000
Land (held for investment)	70,000	100,000

a. Calculate Karlis recognized gain or loss on the distribution, if any.

b. Calculate Karlis basis in the inventory received.

c. Calculate Karlis basis in land received. The land is a capital asset.

d. Calculate Karlis basis for her partnership interest after the distribution.