David's basis in the Jimsoo Partnership is $64,500. In a proportionate liquidating distribution, David receives cash of $9,300 and two capital assets: (1) Land A with a fair market value of $24,600 and a basis to Jimsoo of $19,450, and (2) Land B with a fair market value of $11,725 and a basis to Jimsoo of $19,450. Jimsoo has no liabilities. What is David's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar ount.) Basis Cash Land 1 Land 2 David's basis in the Jimsoo Partnership is $64,500. In a proportionate liquidating distribution, David receives cash of $9,300 and two capital assets: (1) Land A with a fair market value of $24,600 and a basis to Jimsoo of $19,450, and (2) Land B with a fair market value of $11,725 and a basis to Jimsoo of $19,450. Jimsoo has no liabilities. 1. 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)? 2. What is David's basis in distributed assets? Complete this question by entering your answers in the tabs below. Req ci Reg C2 What is David's basis in distributed assets? Basis Cash Land 1 Land 2