Question - Partner Z of the XYZ partnership receives a liquidating distribution of the following:
Basis FMV
Cash $40,000 $40,000
Inventory $30,000 $45,000
Unrealized Receiv. $50,000 $45,000
Land $25,000 $40,000
Building $45,000 $10,000
Z's basis in her partnership interest was $215,000. What is her gain or loss and the bases of the assets distributed to her?