Problem 11-26 (c) (LO. 2)

When Abe's outside basis in the Vacuna Partnership is $211,000, the partnership distributes to him $36,000 cash, three accounts receivable (fair market value of $61,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $484,000, inside basis to the partnership of $420,000). Abe remains a partner in the partnership, and the distribution is proportionate to the partners.

If an amount is zero, enter "0".

a. Does the partnership recognize a gain or loss as a result of this distribution? No Gain or Loss

b. As a result of the distribution, Abe recognizes neither a gain nor a loss .

c. In what order are the assets distributed to Abe? Cash, accounts receivable, land

Compute Abe's basis in the accounts receivable and land.

Accounts receivable	$
Land	$

Abe's basis in the partnership after the current distribution is $.