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The Watson Trust incurred the following items during the year. Partnership's Basis in Asset Asset's Fair Market Value Cash $80,000 $80,000 Inventory $130,000 $150,000 Land $90,000 $105,000

(I) Calculate Sharon's recognized gain or loss on the distribution, if any.

(II) Calculate Sharon's basis in the inventory received.

(III) Calculate Sharon's basis in land received. The land is a capital asset.

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