The basis of Serena$$s partnership interest is

$$90,000.$ Serena receives a pro rata liquidating

distribution consisting of $$10,000$ cash, land with a

basis of $$40,000$ and FMV of $$60,000,$ and her

proportionate share of inventory with a basis of

$$30,000$ to the partnership and FMV of $$50,000.$

The partnership liquidates.

a$)$ How much gain or loss, if any must Serena recognize?

b$)$ What basis will Serena take in the inventory and land?

c$)$ What are the tax consequences to the partnership?

d$)$ Would your answer to $($a$)$ or $($b$)$ change if this had

been a current distribution?