1. Johnathan is a partner in a continuing partnership. At the end of the current year, the partnership distributed to Johnathan in a proportionate, nonliquidating distribution cash of $60,000, inventory with a basis to the partnership of $38,000 and a fair market value of $60,000, and a parcel of land with a basis to the partnership of $120,000 and a fair market value of $80,000. Johnathan's basis in the partnership interest was $240,000 before the distribution. What basis does Johnathan take in the inventory and land, and what is his basis in the partnership interest following the distribution?

		$38,000 basis in inventory; $80,000 basis in land; $62,000 basis in partnership.
		$60,000 basis in inventory; $80,000 basis in land; $40,000 basis in partnership.
		$38,000 basis in inventory; $120,000 basis in land; $22,000 basis in partnership.
		$60,000 basis in inventory; $120,000 basis in land; $20,000 basis in partnership.