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 $1$:

$$ Basis FMV

Cash$ $180,000$ $ $180,000$

Accounts receivable $0240,000$

Stock investment $75,000120,000$

Land $300,000360,000$

Totals $ $555,000$ $ $900,000$

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?