11.2:Wolcox Partners has the following balance sheet: Basis $15,000 $30,000 $22,000 FMV Cash Investment Securities Depreciable Equipment $15,000 $36,000 $44,000 (original cost $58,000) Land $38,000 $105,000 35,000 $35,000 35,000 $105,000 $95,000 $186,000 $62,000 62,000 $62,000 $186,000 Capital, D Capital, E Capital, F a. what are the partnership's total "hot assets" for purposes of 57Si (a)? b. Assume that D sells her interest in the partnership for $62,000. How much will she recognize on the sale? c. What will be the character of D's gain? d. Assume the partnership owned depreciable real estate rather than depreciable equipment. Assume the original cost of the real estate had been $58,000 as above, that its tax basis was $22,000, and its fair market value was $40,000 (same as above). Assuming that D's holding period for the partnership interest is long term, how ill her share of the built-in gain inherent in the real estate affect the tax consequences associated with sale her partnership interest