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Item $8$

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$[$The following information applies to the questions displayed below.$]$

Markell's basis in the Markit Partnership is $$58,000.$ In a proportionate liquidating distribution, Markell receives the following assets:

$$Tax BasisFMVCash$ $8,000$$ $8,000$Land A$ $20,000$$ $45,000$Land B$ $20,000$$ $25,000$

a$.$ How much gain or loss will Markell recognize on the distribution? What is the character of any recognized gain or loss?