Walter receives cash of $43,600 and tand with a fair market value of $174,400 (adjusted basis of $104,640) in a current distribution. His basis in his partnership interest is $37,060 before the distribution If an amount is zero, enter "o". a. What amount of gain must Walter recognize as a result of the current distribution? What is Walter's basis in the land received? b. What amount of pain must the partnership recognize as a result of the distribution? c. What is Walter's basis in his partnership interest immediately after the distribution