Current Distributions and Guaranteed Payments (LO 10.4) Walter receives cash of $63, 400 and land with a fair market value of $253, 600 (adjusted basis of $152, 160) in a current distribution. His basis in his partnership is $53, 890. If an amount is zero, enter "0". a. What amount of gain must Walter recognize as a result of the current distribution? What is Walter's basis in the land received? b. What amount of gain must the partnership recognize as a result of the distribution? c. What is Walter's basis in his partnership interest immediately after the distribution