C and D are equal partners in the CD partnership. C starts the year with an adjusted basis of $400 in the partnership while D starts the year with an adjusted basis of $700. (a) The partnership distributes cash of$ 500 to C and land, adjusted basis $300 fair market value $500 to D. The partnership thereafter continues operations. What consequences? (b) Same as (a) except that the land had an adjusted basis of $800 (fair market value still $500). (c) Same as (a) except that the land had a fair market value of $600 and subject to liabilities of $100. (d) Same as (c) (land has adjusted basis $300, fair market value $600, subject to a liability of $100) except that the distributions were in liquidation of the partnership.