Liquidating Distributions. The AB Partnership pays its only liability (a $100,000 mort- gage) on April 1 of the current year and terminates that same day. Alison and Bob were equal partners in the partnership but have partnership bases immediately preceding these transactions of $110,000 and $180,000, respectively, including his or her share of liabili- ties. The two partners receive identical distributions with each receiving the following C assets: Partnership's Basis FMV Assets Cash 20,000 33,000 10,000 40,000 15,000 $118,000 20,000 35,000 8,000 60,000 10,000 $133,000 Inventory Receivables Building Land Total The building has no depreciation recapture potential. What are the tax implications to Alison, Bob, and the AB Partnership of the April 1 transactions (i.e., basis of assets to Alison and Bob, amount and character of gain or loss recognized, etc.)? Assume that no Sec. 754 election is in effect