44. Stacy is a one - third partner in Ty knot Partners . Her basis in her partnership interest is $85, 000 , consisting of her $ 25 , 000 contribution to capital and her $60 , 000 share of the* partnership's $180 , 000 outstanding liabilities . She receives a non - liquidating distribution consisting of property valued at $125 , 000 ( tax basis $40 , 000 ) . The distribution reduces her interest in the partnership from one - third to one - fifth . It is not a disproportionate distribution . a . Will Stacy recognize any gain or loss on receipt of the distribution ?" b . What basis will Stacy take in the property received from the partnership ?" C . What will be Stacy's remaining basis in her partnership interest