Walter receives cash of $69,700 and land with a fair market value of $278,800 (adjusted basis of $167,280) in a current distribution. His basis in his partnership is $59,245.

If an amount is zero, enter "0".

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 gain must the partnership recognize as a result of the distribution? $

c.What is Walter's basis in his partnership interest immediately after the distribution?

$