Mikaere's basis in the Jimsoo Partnership is $$56,000.$ In a proportionate liquidating distribution, Mikaere receives cash of $$7,600$ and two capital assets: $(1)$ Land A with a fair market value of $$21,200$ and a basis to Jimsoo of $$16,900,$ and $(2)$ Land B with a fair market value of $$10,450$ and a basis to Jimsoo of $$16,900.$ Jimsoo has no liabilities.

b$.$ What is Mikaere's basis in the distributed assets?

Mikaere's basis in the Jimsoo Partnership is $$56,000.$ In a proportionate liquidating distribution, Mikaere receives cash of $$7,600$ and two capital assets: $(1)$ Land A with a fair market value of $$21,200$ and a basis to Jimsoo of $$16,900,$ and $(2)$ Land B with a fair market value of $$10,450$ and a basis to Jimsoo of $$16,900.$ Jimsoo has no liabilities.

Required:

c$1.$ If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere $($amount and character of gain or loss$)?$

c$2.$ What is Mikaere's basis in distributed assets?