Return to question 37 ! Part 2 of 3 Required information The following information applies to the questions displayed below] David's basis in the Jimsoo Partnership is $60,500. In a proportionate liquidating distribution, David receives cash of $8,500 and two capital assets: (1) Land A with a fair market value of $23,000 and a basis to Jimsoo of $18.250, and (2) Land B with a fair market value of $11,125 and a basis to Jimsoo of $18,250. Jimsoo has no liabilities 03 points b. What is David's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. $ Cash Land 1 Land 2 Basis 8.500 18,250 18.250 IS 38 ! Part 3 of 3 Required information The following information applies to the questions displayed below) David's basis in the Jimsoo Partnership is $60,500. In a proportionate liquidating distribution, David receives cash of $8,500 and two capital assets: (1) Land A with a fair market value of $23,000 and a basis to Jimsoo of $18,250, and (2) Land B with a fair market value of $11,125 and a basis to Jimsoo of $18.250. Jimsoo has no liabilities 03 points ct. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to David (amount and character of gain or loss)? c2. What is David's basis in distributed assets? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg ci Reg C2 What is David's basis in distributed assets? Basis 8.500 S S 0 x Cash Land 1 Land 2 $ 0