Reconsider the facts of problem 46 above. Assume that Matt received neither properties 2 or 3 from the partnership. Instead, he received property 1 , subject to the entire \(\$ 126,000\) partnership mortgage. He assumed responsibility for the mortgage in connection with the distribution.

a. What will be Matt's interest in the partnership after the distribution (i.e., the distribution will change Matt's interest from one-third to what?)

b. What will be Matt's tax basis in the distributed property?

c. What will be Matt's remaining tax basis in his partnership interest?