' Required information [The following information applies to the questions displayed below.] < AJ is a 30 percent partner in the Trane Partnership, a calendar-year-end entity. On January 1, AJ has an outside basis in his interest in Trane of $78,000, which includes his share of the $54,000 of partnership liabilities. Trane generates $44,000 of income during the year and does not make any changes to its liabilities. On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest: Inventory Land Totals Tax Basis $ 60,000 32,000 FMV $ 71,000 26,000 $ 92,000 $ 97,000 Note: Leave no answer blank. Enter zero if applicable. c. What is AJ's basis in the distributed assets? Answer is complete but not entirely correct. Inventory $ Land Basis 60,000 $ 10,200