18 Required information (The following information applies to the questions displayed below.) The Taurin Partnership (calendar year-end) has the following assets as of December 31 of the current year. Part 1 of 3 FMV 57 Tax Basis 50,520 $ 50,520 16,840 33,680 87,900 129,660 $ 155,260 $213,860 Cash Accounts receivable Inventory Totals Oints Skipped eBook On December 31, Taurin distributes $16,840 of cash, $11,227 (FMV) of accounts receivable, and $43.220 (FMV) of Inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $44,063. References a. What is the amount and character of Emma's recognized gain or loss on the distribution? Neither gain nor loss recognized O $29,753 ordinary income O $9,035 ordinary loss $29,753 capital gain $9,035 capital loss b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable wentory c1. If Emma's basis before the distribution was $60,788 rather than $44,063, what is Emma's recognized gain or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Reg C1 Req c2 If Emma's basis before the distribution was $60,788 rather than $44,063, what is Emma's recognized gain or loss? ONeither gain nor loss recognized OS29,753 of ordinary Income $9,035 of ordinary loss $29,753 of capital gain 59,035 of capital loss Reg C2 > c1. If Emma's basis before the distribution was $60.788 rather than $44,063, what is Emma's recognized gain or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Reg C1 Reg C2 What is her basis in the distributed assets ? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory