Tim and Danny are 50/50 partners in ABC partnership with each having an outside basis in their partnership interest of $90,000. The partnership distributes land with a basis of $20,000 and a FMV of $50,000 to Tim and Equipment with a basis of $40,000 and a FMV of $50,000 to Danny. Do Tim or Danny have any gain or loss on the distributions? What basis does each take in the assets received?