Question: NEED HELP ASAP!!! NOT SURE WHAT TO DO! Required information (The following information applies to the questions displayed below.) AJ is a 30 percent partner

NEED HELP ASAP!!! NOT SURE WHAT TO DO! Required information (The followingNEED HELP ASAP!!! NOT SURE WHAT TO DO!

Required information (The following information applies to the questions displayed below.) AJ is a 30 percent partner in the Trane Partnership, a calendar-year-end entity. On January 1, AJ has an outside basis in his interest in Trane of $76,500, which includes his share of the $52,800 of partnership liabilities. Trane generates $43,400 of income during the year and does not make any changes to its liabilities. On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest: (Leave no answer blank. Enter zero if applicable.) Tax Basis FMV Inventory $58,500 $69,200 Land 31,400 25,700 Totals $89,900 $94,900 c. What is AJ's basis in the distributed assets? Basis Inventory Land

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