12.2:Partner N of the calendar-year LMN partnership has a basis in her partnership of $50,000 at the beginning of the year.She is distributed cash of $40,000 on Feb. 1 and property with a FMV of $30,000 and a basis of $30,000 on Nov. (Also cite the applicable tax code in the answers below.)

a.Neither of these distributions is considered a draw on current partnership income.What is her gain, if any, her basis in her partnership

after each distribution, and her basis in the property?

b. What would your answer be if the dates of the two distributions were switched?

c. What is your answer if the cash and property were distributed simultaneously?