Exercise 21-24 (Algorithmic) (LO. 14)

Pablo has a $165,800 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 $66,320, cash basis receivables with an inside basis of $0 and a fair market value of $41,450, and land with a basis and fair market value to the partnership of $215,540.

If an amount is zero, enter "0".

a. How much is Pablos realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $__________ and a recognized gain of $_______________.

b. What is Pablos 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 $______________.