Ruth owns a 25% capital and profits interest in the calendar-year RDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $170,000. On that date, she receives a proportionate nonliquidating distribution of the following assets.

	Partnership's Basis in Asset	Asset's Fair Market Value
Cash	$90,000	$90,000
Inventory	$110,000	$140,000
Land (held for investment)	$100,000	$160,000

(I) Calculate Ruth's recognized gain or loss on the distribution, if any.

(II) Calculate Ruth's basis in the inventory received.

(III) Calculate Ruth's basis in land received. The land is a capital asset.