39. LO.3 Jamie's basis in her partnership interest is $52,000. In a proportionate distri- bution in liquidation of the partnership, Jamie receives $2,000 cash and two parcels of land with bases of $10,000 and $18,000, respectively, to the partnership The partnership holds both parcels of land for investment, and the parcels have fair market values of $20,000 each. a. How much gain or loss, if any, must Jamie recognize on the distribution? b. What basis will Jamie take in each parcel? c. If the land had been held as inventory by the partnership, what effect, if any, would it have on your responses to parts (a) and (b)? 40. LO.3, 13 Assume the same facts as in Problem 39, except that Jamie receives $2,000 cash and a car having a basis of $20,000 to the partnership and a fair market value of $30,000. a. How much loss, if any, may Jamie recognize on the distribution? b. What basis will Jamie take in the car? c. Suppose Jamie's 18-year-old son uses the car for his personal use for one year before Jamie sells it for $28,000. How much loss may Jamie recognize on the sale of the car? What tax planning procedures should be considered