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:
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?
$$\begin{array} { | l | r | r | } \hline & \text { Basis } & \text { FMV } \\\hline \text { Cash } & \$ 180,000 & \$ 180,000 \\\hline \text { Accounts receivable } & - 0 - & 240,000 \\\hline \text { Stock investment } & 75,000 & 120,000 \\\hline \text { Land } & \underline { 300,000 } & \underline { 360,000 } \\\hline \text { Total } & \$ 555,000 & \$ 900,000 \\\hline\end{array}$$