Jenny has a $55,600 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $82,000 fair value and a $62,400 basis to JM. The land is encumbered with a $29200 mortgage UMs only liability). What is Jenny's basis irn the land and her remaining basis in JM after the distribution? a. $62,400 land basis, $O JM basis.
b. $82,000 land basis, $7,800 JM basis
c. $82,000 land basis, $O JM besis.
d. $62.400 land basis, $7,800 UM basis