24. In 2016, Theo and Osgood formed a real estate development partnership with Rayburn, to which Theo and Osgood contributed parcels of land, Land T (Theo) and Land O (Osgood), respectively, and Rayburn contributed $80,000 cash. It was an equal general partnership with each owning a 1/3rd interest in capital, profits and losses. At the time of the contribution the basis and fair market value of the properties were as follows: Land T Land 0 Basis 20,000 30,000 Fair Market Value 80,000 80,000 In 2019, when Rayburn's interest in the partnership is valued at $120,000, he completely liquidates his partnership interest by receiving Land T, which also has a value of $120,000. At the time of the distribution, the partners outside basis are as follows: Theo Osgood Rayburn Outside Basis 25,000 35.000 85.000 a. Which, if any, of the partners recognizes gain or loss from this distribution and what is the amount of that gain or loss? b. What is Rayburns' basis in the land received? c. What are Theo and Rayburn's outside basis after the distribution