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7. Jack has a basis in a partnership interest of $300,000, including his $80,000 share of partnership debt. At the end of the current year, the partnership pays off its liabilities and makes a proportionate current (nonliquidating) distribution to its partners. Jack receives a parcel of land (partnership basis- $120,000, value - $135,000) and inventory (partnership basis- $160,000, value S180,000). Following the distribution, what is Jack's basis in the land, inventory, and the partnership interest? a $120,000 basis in land, $160,000 basis in inventory, $20,000 basis in partnership. b. $40,000 basis in land, $180,000 basis in inventory, S0 basis in partnership 60,000 basis in land, S160,000 basis in inventory, S0 basis in partnership d. S135,000 basis in land, $165,000 basis in inventory; SO basis in partnership. e. $60,000 basis in land, $160,000 basis in inventory; $80,000 basis in partnership