Martin is a partner in a partnership. At the end of the current year, the partnership distributed to Martin in a proportionate, liquidating distribution cash of $40,000, inventory with a basis to the partnership of $20,000 and a fair market value of $22,000, accounts receivable with a basis of $-0- and a FMV of $10,000, and a parcel of land with a basis to the partnership of $10,000 and a fair market value of $5,000. Martin's basis in the partnership interest was $100,000 before the distribution. 

Required:

A). Calculate Martin's recognized gain or loss on the distribution, if any.
B). Calculate Martin's basis in the inventory received.
C). Calculate Martin’s basis in land received. The land is a capital asset.
D). Calculate Martin’s basis for his partnership interest after the distribution.