The LQD Partnership distributes the following property to Larry in a distribution that liquidates Larry’s interest in the partnership. Assume that no Sec. 754 election is in effect. Larry’s basis in his partnership interest before the distribution is $40,000. The adjusted bases and FMVs of the distributed property to the partnership before the distribution are as follows:

a. Determine Larry’s basis in each distributed asset.
b. Same as Part a except Larry’s partnership basis before the distribution is $46,500.
c. Same as Part b except the basis of capital asset 2 is $20,000 instead of $15,000.
d. Same as Part c except Larry’s partnership basis before the distribution is $34,500.