3. In each of the following problems, discuss relevant tax codes. The ABC partnership, which has not made a Sect.754 election, has the following balance sheet: Assets Cash Inventory Land Total A/B $ 90.000 15,000 150,000 255,000 FMV $90,000 30,000 90,000 210,000 Partners Capital A B Total A/B $ 85,000 85,000 85,000 255,000 FMV $70,000 70,000 70,000 210,000 1 (b) In liquidation of his interest, A again receives one-third of the inventory and also receives $60,000 cash. What are the tax consequences of this distribution to A and to the partnership