Required information [The following information applies to the questions displayed below.] Mikaere's basis in the Jimsoo Partnership is $53,000. In a proportionate liquidating distribution, Mikaere receives cash of $7,000 and two capital assets: (1) Land A with a fair market value of $20,000 and a basis to Jimsoo of $16,000 and (2) Land B with a fair market value of $10,000 and a basis to Jimsoo of $16,000. Jimsoo has no liabilities. Required: c1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere (amount and character of ga or loss)? c2. What is Mikaere's basis in distributed assets? Complete this question by entering your answers in the tabs below. What is Mikaere's basis in distributed assets