Zach contributed land with a FMV of $25,000 and a basis of $14,000 to a partnership on April 5, 2008. On June 6, 2014, the partnership distributed the land to Art, a partner in the same partnership. At distribution, the land had a FMV of $29,000. a. What is the effect of the distribution to Zach, if any? b. What is the effect of the distribution to Art?
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