Required information [The following information applies to the questions displayed below.] Lonnie Davis has been a general partner in the Highland Partnership for many years and is also a sole proprietor in a separate business. To spend more time focusing on his sole proprietorship, he plans to leave Highland and will receive a liquidating distribution of $65,750 in cash and land with a fair market value of $113,500 (tax basis of $145,000 ). Immediately before the distribution, Lonnie's basis in his partnership interest is $415,000, which includes his $85,000 share of partnership debt. Highland Partnership does not hold any hot assets. a. What are the amount and character of any gain or loss to Lonnie