1.4 Derek is a partner in the Dunleavey Partnership, a general partnership. His tax capital is a negative $12,000. His share of the partnership's only liability, a recourse bank debt, is $12,000. Derek receives a liquidating distribution from the partnership consisting of $9,000 in cash. The partnership has no section 751 property. How much gain or loss does Derek recognize on this distribution? a) $3,000 capital loss b) $9,000 capital gain c) $12,000 capital gain d) $21,000 capital gain 1.4 Derek is a partner in the Dunleavey Partnership, a general partnership. His tax capital is a negative $12,000. His share of the partnership's only liability, a recourse bank debt, is $12,000. Derek receives a liquidating distribution from the partnership consisting of $9,000 in cash. The partnership has no section 751 property. How much gain or loss does Derek recognize on this distribution? a) $3,000 capital loss b) $9,000 capital gain c) $12,000 capital gain d) $21,000 capital gain