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 $300,000. On that date, she receives a proportionate current (nonliquidating) distribution of the following assets.

	Partnerships Basis in Asset	Assets Fair Market Value
Cash	$120,000	$120,000
Inventory	70,000	80,000
Land (held for investment)	130,000	150,000

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

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