In the liquidation of a partnership with the assets distributed proportionately to the partners, A receives cash of $400 and land with a fair market value of $600 and an adjusted basis $350. Before the liquidation, A's adjusted basis in her partnership interest is $475. Choose one answer. a) A recognizes gain of $525 b) The partnership recognizes a $250 gain which is allocated among the partners c) A's adjusted basis in the land is $75 d) None of the above