AJ is a 30 percent partner in the Trane Partnership, a calendar-year-end entity. On January 1, AJ has an outside basis in his interest in Trane of $76,750, which includes his share of the $53,000 of partnership liabilities. Trane generates $43,500 of income during the year and does not make any changes to its liabilities. On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest: (Leave no answer blank. Enter zero if applicable.) Tax Basis FMV Inventory $ 58,750 $ 69,500 Land 31,500 25,750 Totals $ 90,250 $ 95,250 a. What are the tax consequences (gain or loss, basis adjustments) of the distribution to Trane