On December 31, the last day of the current taxable year, Jack has a basis in a partnership interest of $300,000, including his $80,000 share of partnership debt. On that date, the partnership pays off its liabilities and makes a proportionate current (nonliquidating) distribution to its partners, Jack receives a parcel of land (partnership basis- $120,000, value- $135,000) and inventory (partnership basis- $160,000, value-$180,000). Following the distribution, what is lack's basis In the land, Inventory, and the partnership interest? a $120.000 basis in land. $160.000 basis in inventory: $20.000 basis in partnership interest. Ob. $40.000 basis in land. $100.000 bans in inventory 50 banis in partnership interest O $60.000 bans in land. $160.000 basis in inventory 50 bans in partnership interest Od. $60.000 basis in land. $160.000 banis in inventory 500.000 bans in partnership interest