Last year, Darby contributed land $($basis of $$60,000,$ fair market value of $$80,000)$ to the Seagull LLC in exchange for a $25\%$ interest in the LLC$.$ In the current year, the LLC distributes the land $($now worth $$82,000)$ to Shelby, who is also a $25\%$ owner. Immediately prior to the distribution, Darby$$s basis in the LLC was $$70,000,$ and Shelby$$s basis in the LLC was $$110,000.$ The partnership owns no hot assets. How much gain or loss must be recognized and by whom? What is Shelby$$s basis in the property she receives and Darby$$s basis in her partnership interest following the distribution?

Group of answer choices

No gain or loss; Shelby$$s basis in the property is $$80,000$; Darby$$s basis in interest is $$70,000.$

$$20,000$ gain recognized by Darby; Shelby$$s basis in the property is $$80,000$; Darby$$s basis in interest is $$90,000.$

$$22,000$ gain recognized by Darby; Shelby$$s basis in the property is $$82,000$; Darby$$s basis in interest is $$92,000.$

$$20,000$ gain recognized by Shelby; Shelby$$s basis in the property is $$80,000$; Darby$$s basis in interest is $$90,000.$