David??s basis in the Jimsoo Partnership is $53,000. In aproportionate liquidating distribution, David receives cash of$7,000 and two capital assets: (1) Land A with a

Davidâ??s basis in the Jimsoo Partnership is $53,000. In aproportionate liquidating distribution, David receives cash of$7,000 and two capital assets: (1) Land A with a fair market valueof $20,000 2 answers