taxation business pass thru entities

Required information The following information applies to the questions displayed below Karen has a $70,850 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $6,350 cash and land with a fair market value of $36,300 and a basis to the partnership of $18,700. a. What is the amount and character of Karen's recognized gain or loss? Neither gain nor loss recognized $42,800 ordinary income $25,050 ordinary income $45,800 capital loss O $28,050 capital loss Required information The following information applies to the questions displayed below] Karen has a $70,850 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $6,350 cash and land with a fair market value of $36,300 and a basis to the partnership of $18,700 b. What is Karen's basis in the land? 0 Required information The following information applies to the questions displayed below. Karen has a $70,850 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $6,350 cash and land with a fair market value of $36,300 and a basis to the partnership of $18,700. c.What is Karen's remaining basis in her partnership interest