Using the information from #46, can you please answer #48?

36 Williams Brothers Partnership had a following balance sheets at Decemb at December 31: Cash FMV 30,000 151,000 120,000 50,000 Property 1 Property 2 Property 3 TOTAL ASSETS Liabilities Capital, Matt Capital, Justin Capital, Jeff TOTAL LIABILITIES & CAPITAL Basis 30,000 103,000 114,000 32,000 279,000 126,000 51,000 51,000 51,000 279,000 351,000 126,000 75,000 75,000 75,000 351,000 All three properties owned by the partnership are investment properties. On December 31, the partnership distributed property 3 to Matt, reducing his interest in the partnership from one-third to one-seventh. a. Will Matt recognize any gain or los connection with this distribution? D. What will be Matt's tax basis in property 3 received from the partnership? c. What will be Matt's remaining tax b in his partnership interest? 48. Reconsider the facts of problem 46 above. Assume that Matt received neither properties 2 or 3 from the partnership. Instead, he received property 1, subject to the entire $126,000 partnership mortgage. He assumed responsibility for the mortgage in connection with the distribution. a. What will be Matt's interest in the partnership after the distribution (i.e., the distribution will change Matt's interest from one-third to what?) b. What will be Matt's tax basis in the distributed property? c. What will be Matt's remaining tax basis in his partnership interest