The adjusted basis of Amy's partnership interest was $28,000 before receiving a proportionate current distribution. The distribution consisted of (1) inventory with a basis of $16,000 and a fair market value of $13,000, and (2) land with a basis of 000 and fair market value of $20,000. What are Amy's bases in the land and her partnership interest after distribution?
2.what would be the basis of the land if the distribution of the inventory and land was a proportionate liquidating distribution which completely terminated Amy's partnership interest?