A.

Pablo has a $175,400 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $70,160, cash basis receivables with an inside basis of $0 and a fair market value of $43,850, and land with a basis and fair market value to the partnership of $228,020. If an amount is zero, enter "0". a. How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ and a recognized gain of $ b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ and the land has a basis of $ to Pablo. His basis in his partnership interest after the distribution is $Heather sells land (adjusted basis, $290,000; fair market value, $377,000) to a partnership in which she controls an 80% capital interest. The partnership pays her only $203,000 for the land. If an amount is zero, enter "0". a. How much loss does Heather realize and recognize? Realized loss: $ Recognized loss: $ b. If the partnership later sells the land to a third party for $319,000, how much gain does that partnership realize and recognize? Realized gain: $ Recognized gain: $