QUESTION 48 Carl's basis in his LLC interest is $10,000. In a current (nonliquidating) distribution, Carl receives land (basis = $10,000; fair market value = $12,000); and inventory (basis = $6,000; fair market value = $8,000). Carl takes a $10,000 basis in the land and a $0 basis in the inventory, and has a S0 basis in the LLC interest. O True False QUESTION 49 The BR LLC owns an unrealized receivable with a basis of SO and fair market value of $200,000 plus cash of $200,000. If BREE distributes $20,000 of the receivable to 50% member Brenda and $20,000 of cash to 50% member Renee, which one of the following statements is true? a. Brenda recognizes $20,000 of capital gain. b. The partnership recognizes $20,000 of ordinary income. C. Renee recognizes $10,000 of ordinary income. d. Because both partners receive the same value, none of the parties recognizes gross income. Oe. Brenda recognizes $10,000 of ordinary income