Partner Z of the XYZ partnership receives a liquidating distribution of the following:

Basis FMV

Cash $$40,000$ $$40,000$

Inventory $$30,000$ $$45,000$

Land $$50,000$ $$45,000$

$1.$ Z$$s basis in her partnership interest was $$95,000.$ What is her gain or loss and the basis of the assets distributed to her?

$2.$ Assume Z$$s basis in her partnership interest was $$130,000.$ What is her gain or loss and the basis of the assets distributed to her?