The GHI partnership has the following balance sheet

Basis FMV

Cash $12,000 $12,000

Inventory 48,000 $60,000

Land 12,000 36,000

$72,000 $108,000

Capital, G $24,000 $36,000

Capital, H 24,000 36,000

Capital, I 24,000 36,000

$72,000 $108,000

If partner G gets distributed the land in complete liquidation, what will be the tax effects to G and the partnership? (Also cite the applicable tax code.)