Tom is a 30% owner of Gobbler Partnership. Tom has a basis in his partnership interest of $75,000 and his interest in the partnership is worth $300,000. At the end of the year the partnership distributes to him cash in the amount of $30,000 and a small parcel of undeveloped farmland that was worth $50,000 but the partnership only had a basis(inside basis) of $40,000 in the parcel. What is the amount of gain or loss that Tom must report to the IRS from this distribution? AND what is Toms ending basis in the partnership?