7. L O.4, 5 When Bruno’s basis in his interest in the MNO LLC is $150,000, he receives cash of $55,000, a proportionate share of inventory, and land in a distribution that liquidates MNO and his interest in the LLC. The inventory has a basis to the entity of $45,000 and a fair market value of $48,000. The land’s basis is $70,000, and its fair market value is $60,000. Compute Bruno’s recognized gain or loss from the liquidating distribution and his tax basis in the inventory and land.