1. The XYZ partnership made the pro rata current distributions listed below during 20X9 and provided you with each partners outside basis immediately before the distributions as follows:

Distribution to	Partners Outside Basis	Current Distribution	Partners Recognized Gain or (Loss)	Remaining Outside Basis	Basis in Property Received
X	$50,000	$30,000 Property: FMV: $60,000 Basis: $5,000
Y	$40,000	$20,000 Property: FMV: $70,000 Basis: $50,000
Z	$20,000	$30,000 Property: FMV: $25,000 Basis: $15,000

Determine with regard to the distributions: (1) XYZs recognized gain or loss; (2) each partners recognized gain or loss; (3) each partners basis in the property received; (4) each partners remaining outside basis; and (5) the effect it has on the basis of the property not distributed by XYZ.