Required information

Problem $10-48($LO $10-4)($Algo$)$

The following information applies to the questions displayed below$]$

Lonnie Davis has been a general partner in the Highland Partnership for mary years and is also a sole proprietor in a separate business. To spend more time focusing on his sole proprietorship, he plans to leave Highland and will receive a liquidating distribution of $$72,000$ in cash and land with a fair market value of $$135,500($tax basis of $$173,000)$ Immediately before the distribution. Lonnie's basis in his partnership interest is $$448,000,$ which includes his $$79,500$ share of partnership debt. Highland Partnership does not hoid any hot assets

Problem $10-48$ Part b $($Algo$)$

b$.$ What is Lonnie's basis in the land?

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