9-1 Practice Exercises 1 17 Required information Saved Part 3 of 3 [The following information applies to the questions displayed below.] David's basis in the Jimsoo Partnership is $58,500. In a proportionate liquidating distribution, David receives cash of $8,100 and two capital assets: (1) Land A with a fair market value of $22,200 and a basis to Jimsoo of $17,650, and (2) Land B with a fair market value of $10,825 and a basis to Jimsoo of $17,650. Jimsoo has no liabilities. points eBook Print c1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to David (amount and character of gain or loss)? c2. What is David's basis in distributed assets? Complete this question by entering your answers in the tabs below. References Req C1 Req C2 What is David's basis in distributed assets? Basis Cash Land 1 $ 8,100 Land 2 < Req C1 Req C2 >