Question: please solve correctly (9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the partnership had a basis of $75,000 and

please solve correctly (9) In a liquidating distribution Christine Chapel receives cash please solve correctly

(9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the partnership had a basis of $75,000 and FMV of $98,667. Christine's basis in her interest is $115,000. (a) What is her gain or loss on the distribution? What is her basis in the land? (b)

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