(Answered) Question - quenton received a proportionate nonliquidating

Accounting

Question - Quenton received a proportionate nonliquidating distribution of $8,000 cash, inventory with a $5,000 basis and a fair market value of $7,000, and a Section 1231 asset with a $7,000 basis and a fair market value of $15,000.

a. What are the tax effects of these distributions if his partnership basis is $24,000?

b. How would your answer change if his partnership basis is $16,000?

c. How would your answers to a. and b. change if this was a proportionate liquidating distribution?

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