Required information [The following information applies to the questions displayed below.] Pam has a $30,200 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $45,200 fair market value and a $33,700 basis to the partnership. The land is encumbered with a $17,100 mortgage (the partnership's only liability). a. What are the amount and character of Pam's recognized gain or loss? $30,200 of ordinary income Neither gain nor loss recognized $30,200 of ordinary income $8,550 of ordinary income $8,550 of capital gain $30,200 of capital loss