What are the amount and character of the gain or loss recognized by Genna and the GRT Partnership on the liquidating distribution? Assume that no Sec. 754 election is in effect. Assets Cash $ Marketable securities Investment land Total EA $ Partnership's Basis FMV 78,000 $ 78,000 22,000 42,000 80,000 140,000 180,000 $ 260,000 Genna is a one-third partner in the GRT Partnership before she receives $78,000 cash as a liquidating distribution. Immediately before Genna receives the distribution, the partnership has the following assets: (Click the icon to view the assets.) At the time of the distribution, the partnership has $36,000 of outstanding liabilities, which the three partners share equally. Genna's basis in her partnership interest before the distribution was $60,000, which includes her share of liabilities. Read the requirement. Even though Genna transaction recevied in receive her proportionate share of each partnership asset in the liquidating distribution, the because the partnership Genna is deemed to have