Katrina Is a One-Third Partner in the KYR Partnership (Calendar

Katrina is a one-third partner in the KYR partnership (calendar year-end). Katrina decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: $$\begin{array} { l r r } & \underline { \text { Basis } } & \underline { \text { FMV } } \\\text { Cash } & \mathbf { \$ 1 8 0 , 0 0 0 } & \mathbf { \$ 1 8 0 , 0 0 0 } \\\text { Accounts receivable } & - 0 - & \mathbf { 2 4 0 , 0 0 0 } \\\text { Stock investment } & \mathbf { 7 5 , 0 0 0 } & \mathbf { 1 2 0 , 0 0 0 } \\\text { Land } & \underline { \mathbf { 3 0 0 , 0 0 0 } } & \underline { \mathbf { 3 6 0 , 0 0 0 } } \\\text { Totals } & \underline { \mathbf { 5 5 5 , 0 0 0 } } & \underline { \$ 900,000 }\end{array}$$ Katrina receives one-third of each of the partnership assets. She has a basis in her partnership interest of $110,000. What is the amount and character of any recognized gain or loss to Katrina? What is Katrina's basis in the distributed assets?