The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership also liquidated; $25,000 cash, land parcel A (basis of $5,000, FMV of $30,000) and land parcel B (basis of $5,000, FMV of $15,000). James's basis in his partnership interest was $85,000 immediately before the distribution. James will alloate basis of $40,000 to parcel A and $20,000 to parcel B, and he will have no remaining basis in his partnership interest. True/False