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Exercise 11-12 (Algorithmic) (LO. 3) Pablo has a $139,400 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $55,760, cash basis receivables with an inside basis of $0 and a fair market value of $34,850, and land with a basis and fair market value to the partnership of $181,220. If an amount is zero, enter "O". a. How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ and a recognized gain of b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ and the land has a basis of $ to Pablo. His basis in his partnership interest after the distribution is s