A partnership makes a current distribution consisting of cash, hot assets, and land. The distributee partner's outside basis just prior to the distribution (the 'prior basis') is less than the total inside basis of distributed assets but more than the combined amount of cash and the partnership?s basis in the hot assets. Which of the following choices best describes the computation of the amount of the partner's recognized gain and basis in the land received?
|Gain||Outside Basis in Land|
a.Prior basis ? cashPrior basis after computation of gain ? land
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