$170,000, respectively, including his or her share of liabilities. The two partners receive identical distributions with each receiving the following assets: View the assets. Begin by computing each partner's basis to be allocated. Requirement What are the tax implications to Cora, Sam, and the CS Partnership of the April 1 transactions (i.e., basis of assets to Cora and Sam, amount and character of gain or loss recognized, etc.)? Assume that no Sec. 754 election is in effect. Assets The building has no depreciation recapture potential