Walter receives cash of $85,000 and land with a fair market value of $340,000 (adjusted basis of $204,000) in a current distribution. His basis in his partnership interest is $72,250 before the distribution.

If an amount is zero, enter "0".

Question Content Area

a. What amount of gain must Walter recognize as a result of the current distribution? $fill in the blank a560d0fb5f84fe0_1

What is Walter's basis in the land received? $fill in the blank a560d0fb5f84fe0_2

Question Content Area

b. What amount of gain must the partnership recognize as a result of the distribution? $fill in the blank c331330a5067053_1

Question Content Area

c. What is Walter's basis in his partnership interest immediately after the distribution? $fill in the blank 3290d608dfe3053_1