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 $73,750, which includes his share of the $50,600 of partnership liabilities. Trane generates $42,300 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	$	55,750		$	65,900
Land		30,300			25,150
Totals	$	86,050		$	91,050

c. What is AJs basis in the distributed assets?

Inventory?

Land?