a. Landon has a partnership basis of $40,000 and receives a distribution of $50,000

b. Mark has a partnership basis of $50,000 and receives $20,000 cash and a capital asset with a basis to the partnership of $25,000 and a fair market value of $40,000.

c. Neil has a partnership basis of $100,000 and receives $40,000 cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partnership basis of $20,000 and $30,000, respectively.

d. Oscar has a partnership basis of $40,000 and receives a distribution of $10,000 cash and an account receivable with a basis of $0 to the partnership (value is $15,000).

31. LO.3 In each of the following independent liquidating distributions in which the partnership also liquidates, prepare a Microsoft Excel spreadsheet to deter- mine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset (other than cash) received. In each case, assume that distributions of hot assets are proportionate to the partners. You can use the format in Concept Summary 11.2, or you can create your own. In either case, be sure you can explain your rationale. a. Landon has a partnership basis of $40,000 and receives a distribution of $50,000 in cash. b. Mark has a partnership basis of $50,000 and receives $20,000 cash and a capital asset with a basis to the partnership of $25.000 and a fair market value of $40,000. c. Neil has a partnership basis of $100,000 and receives $10,000 cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partner- ship basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. d. Oscar has a partnership basis of $40,000 and receives a distribution of $10,000 cash and an account receivable with a basis of $0 to the partnership (value is $15,000)