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

	Partnership Basis in Asset			Asset Fair Market Value
Cash	$120,000			$120,000
Inventory	$50,000			$60,000
Lan(Held for Investment	$70,000			$100,000

a. Calculate Karlis recognized gain or loss on the distribution.

b. Calculate Karlis basis in the inventory received.

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