Question: Exercise 11-12 (Algorithmic) (LO. 3) Pablo has a $153,800 basis in his partnership interest. On May 9 of the current tax year, the partnership

Exercise 11-12 (Algorithmic) (LO. 3) Pablo has a $153,800 basis in his

Exercise 11-12 (Algorithmic) (LO. 3) Pablo has a $153,800 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 $61,520, cash basis receivables with an inside basis of $0 and a fair market value of $38,450, and land with a basis and fair market value to the partnership of $199,940. If an amount is zero, enter "0". How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ 146,640 X and a recognized gain of $ 0. b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ 0 and the land has a basis of $ interest after the distribution is $ -72,120 X. 91,480 X to Pablo. His basis in his partnership

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