Exercise 21-19 (c) (LO. 3) On January 20 of the current year, Zealand and Menandez form ZM LLC. Their contributions to the LLC are as follows: Adjusted Basis Fair Market Value From Zealand: Cash $82,000 Accounts receivable Inventory From Menandez: $82,000 $214,000 $26,000 $19,000 Cash $ 201,000 $121,000 $201,000 $121,000 Temporary Investments Within 30 days of formation, ZM collects the receivables and sells the inventory for $26,000 cash. ZM realized the following income in the current year from these transactions: a. of $ from collecting cash basis accounts receivable. b. of s from sale of inventory. property between themselves and alter the inherent C. This rule exists to ensure that a partner and partnership character of the underlying deferred income, gain, loss, or deduction