When Bruno's basis in his LLC interest is $178,000, he receives cash of $71,200, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $44,500 and a fair market value of $56,960. The land's basis is $80,100, and the fair market value is $71,200. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution?

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