Scott is a 50 percent partner in the LS Partnership. Scott has a basis in his partnership interest of $96,000 at the end of the current year, prior to any distribution. On December 31, Scott receives an operating distribution of $10,200 cash and a parcel of land with a $27,000 fair market value and a $24,000 basis to the partnership. LS has no debt or hot assets. a) What is the amount and character of Scott's recognized gain or loss? | b) What is Scott's basis in the distributed property? c) What is Scott's ending basis in his partnership interest?