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Required information Problem 21-50 (LO 21-4) (Algo) The following information applies to the questions displayed below) David's basis in the Jimsoo Partnership is $59,000 in a proportionate liquidating distribution, David receives cash of $8,200 and two capital assets: (1) Land A with a fair market value of $22.400 and a basis to Jimsoo of $17,800, and (2) Land B with a fair market value of $10,900 and a basis to Jimsoo of $17.800. Jimsoo has no liabilities. a. How much gain or loss will David recognize on the distribution? What is the character of any recognized gain or loss? ONeither gain nor loss recognized O $17,800 ordinary income O $15,200 ordinary loss O $17,800 capital gain $15.200 capital loss b. What is David's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Land 1 Land 2 c1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to David (amount and character of loss)? c2. What is David's basis in distributed assets? Complete this question by entering your answers in the tabs below. Reg C1 Reg C2 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)? ONeither gain nor loss recognized O$17,800 ordinary income $15,200 ordini O$17,800 capital gain $15.200 capital loss loss Req ci Req C2 What is David's basis in chstributed assets? Basis Cash Land 1 Land 2