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10. Irving receives a proportionate nonliquidating distribution when the basis of his partnership interest is...

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10. Irving receives a proportionate nonliquidating distribution when the basis of his partnership interest is $80,000. The distribution consists of $30,000 in cash plus property with an adjusted basis to the partnership of $70,000 and a fair market value of $40,000. How much are Irving's basis in the noncash property and his remaining basis in the partnership interest after the distribution? a) Property basis is $70,000: Partnership interest basis is so b) Property basis is $40.000: Partnership interest basis is $0. c) Property basis is $40.000; Partnership interest basis is $10,000 d) Property basis is $50,000: Partnership interest basis is $0. e) Property basis is $50.000; Partnership interest basis is $30.000

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