47. Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1 : Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. a) What are the amount and character of any recognized gain or loss to Melissa? b) What is Melissa's basis in the distributed assets? c) What are the tax implications (amount and character of gain or loss and basis of assets) to Melissa if her outside basis is $11,000 rather than $25,000 ? d) What are the amount and character of any recognized gain or loss from the distribution to Opto