Question 3 (1 point) Saved Howard is a partner in the Smithton Partnership with a basis of $20,000. During the current year, the partnership is liquidated and the partnership distributes to each partner cash of $22,000 and land with a basis of $8,000 to the partnership and a fair market value of $15,000. What is Howard's basis in the land received in the distribution? 1) $0 2) $2.000 3) $8,000 04) $15,000