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Mikaere's basis in the Jimsoo Partnership is $61,500. In a proportionate liquidating distribution, Mikaere receives cash of $8,700 and two capital assets: (1) Land A

Mikaere's basis in the Jimsoo Partnership is $61,500. In a proportionate liquidating distribution, Mikaere receives cash of $8,700 and two capital assets: (1) Land A with a fair market value of $23,400 and a basis to Jimsoo of $18,550, and (2) Land B with a fair market value of $11,275 and a basis to Jimsoo of $18,550. Jimsoo has no liabilities

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