! Required information Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: (Leave no answer blank. Enter zero if appplicable.) Partner Justin Lauren Outside Basis $ 25,150 $ 25, 150 On December 31 of the current year, the partnership makes a pro rata operating distribution of: Partner Justin Lauren Distribution Cash $29,050 Cash $20,700 Property $ 8,350 (FMV) ($2,990 basis to partnership) a. What is the amount and character of Justin's recognized gain or loss? O $3,900 of ordinary income O $3,900 of capital gain O $3,900 of capital loss O Neither gain nor loss recognized b. What is Justin's remaining basis in his partnership interest? Basis c. What is the amount and character of Laurens recognized gain or loss? O $3,900 of ordinary income O $3,900 of capital gain O $3,900 of capital loss O Neither gain nor loss recognized e. What is Lauren's remaining basis in her partnership interest? Remaining basis d. What is Lauren's basis in the distributed assets? Basis in cash Basis in property