Check my work David's basis in the Jimsoo Partnership is $54,500. In a proportionate liquidating distribution, David receives cash of $7,300 and two capital assets: (1) land 1 with a fair market value of $20,600 and a basis to Jimsoo of $16,450, and (2) land 2 with a fair market value of $10,225 and a basis to Jimsoo of $16,450. Jimsoo has no liabilities. Part 3 of 3 c1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to David (amount and character of gain or loss)? 1.05 points c2. What is David's basis in distributed assets? Complete this question by entering your answers in the tabs below eBook Print Req ciReq C2 What is David's basis in distributed assets? Basis S7.300 Cash Land 1 Land 2 $