Michael Was a Partner in the M&M Partnership Until November

Multiple Choice

Michael was a partner in the M&M Partnership until November 1, when he received a liquidating distribution of investment property with a tax basis of $28,000 and a fair market value of $75,000.Prior to this distribution, his tax basis in his partnership interest was $40,000.What is his tax basis in the property received from the partnership?

A) $75,000
B) $40,000
C) $28,000
D) 0