Problem 11-29 (Algorithmic) (LO. 3) In each of the following four liquidating distribution scenarios, the partnership also liquidates. For each, determine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset (other than cash) received. Assume for all scenarios that the distributions of hot assets are proportionate to the partners. You can use the format in Concept Summary 11.2. If there is no gain or loss or if an amount is zero, enter "o". a. Landon has a partnership basis of $58,000 and receives a distribution of $72,500 in cash. He will recognize a capital gain of $ 14,500 Feedback b. Mark has a partnership basis of $72,500. He receives $29,000 cash and a capital asset with a basis to the partnership of $36,250 and a fair market value of $58,000. He will recognize no gain or loss of $ 0. His basis in the capital asset is $ ox. Feedback c. Neil has a partnership basis of $145,000. He receives $58,000 cash, inventory with a basis to the partnership of $43,500, and a capital asset with a partnership basis of $29,000. The inventory and capital asset have fair market values of $29,000 and $43,500, respectively. of $ o . The capital asset is allocated a basis of $ 0 X and the He will recognize no gain or loss inventory will have a basis of $ 0 X