UIplete the following problems from Chapter 11 in your textbook: 11.1: Class Time Partners is a ge Basis FMV Cash Capital assets Land $15,000 $15,000 $75,000 $240,000 $35,000 $85,000 Totals $135,000 $330,000 $90,000 $80,000 $80,000 $80,000 $330,000 Recourse liabilities $90,000 Capital, Claire Capital, Lorie Capital, Tom $15,000 $15,000 $15,000 $135,000 Totals . The partners share equally in profits, losses and capital. Tom is negotiating to sell one-half of his interest in the partnership to an unrelated buyer. Assume the buyer is willing to pay $50,000 cash for half Tom's interest. a. What will be the amount realized by Tom on the sale? b. What is the tax basis of the interest to be sold by Tom? c. How much gain will Tom recognize on the sale? d. What will be the buyer's tax basis in the newly acquired interest