1. Jim is a partner in the JKL partnership. Jims basis in the partnership is 100,000. JKL partnership makes the following distribution to Jim: Cash 50,000 Receivables 30,000 What are the tax consequences of the above distribution assuming a) a non-liquidating distribution and b) a liquidating distribution? (Tax consequences mean gain or loss and basis in the assets received in distribution) 3. Same as 1 above except A also receives land with a basis of 30,000 and a FMV of 40,000.