AJ is a 30 percent partner in the Trane Partnership, a calendar year-end entity. On January 1, AJ has an outside basis in his interest in Trane of $78,250, which includes his share of the $54,200 of partnership liabilities. Trane generates $44,100 of income during the year and does not make any changes to its liabilities. On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest: (Leave no answer blank. Enter zero if applicable.)

		Tax Basis		FMV
Inventory	$	60,250		$	71,300
Land		32,100			26,050
Totals	$	92,350		$	97,350

c. What is AJs basis in the distributed assets?