Wayne, a one-third partner in the Count’em Partnership, received investment property worth $100,000 in redemption (i.e., partial liquidation) of half his interest. The partnership's tax basis in the investment property was $48,000, Wayne's tax basis in his partnership interest prior to the distribution was $40,000.

a. Will Wayne be required to recognize any gain or loss on receipt of the distribution from the partnership?

b, What will be his tax basis in the property received?

c. What will be his remaining basis in his partnership interest?