Lonnie Davis has been a general partner in the Highland Partnership for many years and is also a sole proprietor in a separate business. To spend more time focusing on his sole proprietorship, he plans to leave Highland and will receive a liquidating distribution of $$50,500$ in cash and land with a fair market value of $$115,500($tax basis of $$145,250).$ Immediately before the distribution, Lonnie's basis in his partnership interest is $$412,000,$ which includes his $$57,000$ share of partnership debt. Highland Partnership does not hold any hot assets.

c$.$ What are the amount and character of Lonnie's gain or loss if he holds the land for $13$ months as investment property and then sells it for $$161,000?$