Problem 2 Three years ago, Edward joined the BC partnership by contributing land with a $ 20,000 basis and an $ 28,000 FMV. On January 15 of the current year, Edward has a basis in his partnership interest of $ 27,000, and none of his precontribution gain has been recognized. On January 15, Edward receives a current distribution of a property other than the contributed land with a $ 25,000 basis and a $ 30,000 FMV. a. Does Edward recognize any gain or loss on the distribution? b. What is Edward's basis in his partnership interest after the distribution? c. What is the partnership's basis in the land Edward contributed after Edward receives this distribution