2. 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 (nonliquidatjng) distribution of the following assets.

Partnership's Basis in Asset Asset's Fair Market Value

Cash $120,000 $120,000

Inventory 50,000 60,000

Land (held for investment) 70,000 1 oo,ooo

1. Calculate Karli's recognized gain or loss on the distribution if any.
2. Calculate Karli's basis in the inventory received.
3. Calculate Karli's basis in land received. The land is a capital asset.
4. Calculate Karli's basis for her partnership interest after the distribution.