Three years ago, Frank joined the FG Partnership by contributing land with a $11,000 basis and a $24,000 FMV. On January 15 of the current year, Frank has a basis in his partnership interest of $15,000,
and none of his precontribution gain has been recognized. On January 15, Frank receives a current distribution of a property other than the contributed land with a $20,000 basis and a $23,000 FMV.
a. Does Frank recognize any gain or loss on the distribution?
b. What is Frank’s basis in his partnership interest after the distribution?
c. What is the partnership’s basis in the land Frank contributed after Frank receives this distribution?