Winston contributed a tract of undeveloped land to the Nightingale Partnership in 2020. He originally paid $20,000 for the property in 2003, but its value was $70,000 at the date of the contribution. In 2024, the partnership distributes another parcel of land to Winston; the land has a basis to the partnership of $30,000. The fair market value of the distributed property is $100,000 in 2024. Winstons basis in his partnership interest is $60,000 immediately before the distribution. What are the tax consequences of the distribution