Pettifog Partnership distributes cash of $20,000, hot assets worth $5,000, and a parcel of land in a proportionate liquidating distribution to Gupta, a partner. The hot assets have a basis of $0 to the partnership. The land has a fair market value of $80,000 and an inside basis of $55,000. Gupta’s outside basis in Pettifog just prior to the distribution is $85,000. Identify the amount of gain or loss Gupta must recognize and Gupta’s resulting basis in the land.