A, B, C, and D are members of the ABCD partnership which has thefollow- ing assets: 1. Fair Market Value S 80 Adjusted Basis Assets S 80 Cash Accounts Receivable Inventory Land (investment) 40 120 120 80 40 Total $200 $360 Adjusted Basis in Partnership Interest Basis S 40 30 20 10 $100 Total The partners have equal partnership interests, which they purchased from former partners at varying time intervals without precipitating terminations. The partnership has never elected $ 754. Each partnership interest has been held for more than one year. In the following questions, determine each part- ner's taxable gain or loss, basis in each distributed asset, basis in the partner- ship interest, and the results to the partnership. ABCD distributes $20 in cash and a one-fourth undivided interest in the land to each partner. ABCD distributes $10 in cash, one-fourth of the accounts receivable, and a one-fourth undivided interest in the land to each partner. ABCD distributes $10 in cash, one-fourth of the inventory, and a one- fourth undivided interest in the land to each partner. ABCD distributes $10 in cash, one-fourth of the accounts receivable, and one-fourth of the inventory to each partner. ABCD distributes one-fourth of the inventory and a one-fourth undivid- ed interest in the land to each partner. a. b. c. d. e