Jenny has a $51,400 basis in her 50 percent partnership interest in the jm partnership before receiving any distributions. this year jm makes a proportionate operating distribution to jenny of a parcel of land with an $84,500 fair value and a $60,300 basis to jm. the land is encumbered with a $28,150 mortgage (jm's only liability). what is jenny's basis in the land and her remaining basis in jm after the distribution?

Cosmetic profits. sally is the executive vice president of big name cosmetics company. through important and material, nonpublic information, she learns that the company is soon going to purchase a smaller chain of stores. it is expected that stock in big name cosmetics will rise dramatically at that point. sally immediately buys a number of shares of her company's stock. she also tells her friend alice about the expected purchase of stores. alice wanted to purchase stock in the company but lacked the funds with which to do so. although she did not have the funds in bank a, alice decided to draw a check on bank a and deposit the check in bank b and then proceed to write a check on bank b to cover the purchase of the stock. she hoped that she would have sufficient funds to deposit before the check was presented for payment. of which of the following offenses, if any, is alice guilty of by buying stock?