mikaere's basis in the jimsoo partnership is $57,000. in a proportionate liquidating distribution, mikaere receives cash of $7,800 and two capital assets: (1) land a with a fair market value of $21,600 and a basis to jimsoo of $17,200, and (2) land b with a fair market value of $10,600 and a basis to jimsoo of $17,200. jimsoo has no liabilities.
