How to solve

Jenny has a $$56,100$ basis in her $50$ percent partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $$88,000$ fair value and a $$64,300$ basis to JM$.$ The land is encumbered with a $$30,150$ mortgage $($JM$\text{'}$s only liability$).$ What is Jenny's basis in the land and her remaining basis in JM after the distribution?

Multiple Choice

$$88,000$ land basis, $$0$ JM basis

$$64,300$ land basis, $$0$ JM basis

$$64,300$ land basis, $$6,875$ JM basis

$$88,000$ land basis, $$6,875$ JM basis