Ted is a 50 percent partner in the DT Partnership. Ted has a basis in his partnership interest of $93,000 at the end of the current year, prior to any distribution. On December 31, Ted receives an operating distribution of $9,900 cash and a parcel of land with a $25,500 fair market value and a $21,000 basis to the partnership. DT has no debt or hot assets. What is the amount and character of Ted's recognized gain or loss? What is Ted's basis in the distributed property? What is Ted's ending basis in his partnership interest?