The AB Partnership pays its only liability (a $100, 000 mortgage) on April 1 of the current year and terminates that same day. Alison and Bob were equal partners in the partnerships in but have partnership bases immediately preceding these transactions of $110, 000 and $180, 000, respectively, including his or her share of liabilities. The two partners receive identical distributions with each receiving the following assets: The building has no depreciation recapture potential. What are the tax implications to Alison, Bob, and the AB Partnership of the April 1 transaction (i.e., basis of assets to Alison and Bob, amount and character of gain or loss recognized, etc.)? Assume that no SEC. 754 election is in effect