kevin is a one-third partner in the kiley partnership (calendar year-end. Kevin decides he wants to exit the partnership and receives a proportionate distribution to liquidate his partnership interest on january 1. The partnership has 60,000 in nonrecourse liabilities and holds the following assets as of january 1:

basis FMV

cash 180,000 180,000

a/r 0 240,000

inventory 10,000 20,000

stock investment 75,000 120,000

land 300,000 360,000

total 565,000 920,000

Kevin receives one-third of each of the partnership assets. He has a basis in her partnership interest of $180,000 which includes his portion of the debt. what is the amount and character of any recognized gain or loss to kevin? what is kevin's basis in the distributed assets?