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: $\begin{array}{lrr} & \underline{\text { Basis }} & \underline{\text { FMV }} \\\text { Cash } & \mathbf{\$ 1 8 0 , 0 0 0} & \mathbf{\$ 1 8 0 , 0 0 0} \\\text { Accounts receivable } & -0- & \mathbf{2 4 0 , 0 0 0} \\\text { Stock investment } & \mathbf{7 5 , 0 0 0} & \mathbf{1 2 0 , 0 0 0} \\\text { Land } & \underline{\mathbf{3 0 0 , 0 0 0}} & \underline{\mathbf{3 6 0 , 0 0 0}} \\\text { Totals } & \underline{\mathbf{5 5 5 , 0 0 0}} & \underline{\mathbf{\$ 9 0 0 , 0 0 0}}\end{array}$ Katrina receives one-third of each of the partnership assets. She has a basis in her partnership interest of $250,000. What is the amount and character of any recognized gain or loss to Katrina? What is Katrina's basis in the distributed assets?