Pablo has a $63,000 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate nonliquidating distribution, cash of $25,000, cash basis receivables with an inside basis of $0 and a fair market value of $16,000, and land with a basis and fair market value to the partnership of $80,000.

If an amount is zero, enter "0".

a. How much is Pablos realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $58,000 and a recognized gain of $0 .

b. What is Pablos basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $0 and the land has a basis of $38,000 to Pablo. His basis in partnership interests after the distributions is $0 .

i figured it out.....