Allison, Keesha, and Steven each own an equal interest in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $27,750. During January and February, the partnership generates $30,990 of ordinary income and $4,734 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $46,650. The partnership has the following assets and no liabilities at the sale date: Cash Land held for investment Totals Tax Basis FMV $31,500 $31,500 31,500 63,000 $63,000 $94,500 b. What are the amount and character of Steven's recognized gain or loss on the sale? Neither gain nor loss recognized $6,992 of ordinary income $19,476 of ordinary income $6,992 of capital gain $19,476 of capital gain c. What is Juan's initial basis in the partnership interest? Basis d. What is the partnership's basis in the assets following the sale? Basis