On November 1, 2014, Dennis contributed a parcel of land to the Mantis Partnership in exchange for a 50% share of the partnership’s income and loss. At the time of contribution, the asset had an adjusted basis of $10,000 and a fair market value of $100,000. Dennis did not recognize a gain or loss at the time of the contribution because of Sec. 721.

On March 1, 2021, when Dennis’s basis in his partnership interest is $50,000, he proposes that a second parcel of land be distributed to him. This second parcel of land has an adjusted basis of $15,000 and a fair market value of $80,000.

If this second parcel is distributed to Dennis on March 1, 2021:

a). How much gain or loss (if any) must be recognized by Dennis on the distribution of this parcel of land?

b). What is Dennis’s outside basis in the partnership after this distribution?

c). What is partnership's basis in the land originally contributed by Dennis in 2014?

d). What is Dennis’s basis in the new land acquired in the distribution?