ABC is an equal partnership in which each of the partners has an outside basis of $ 1,500 and a capital account of $1,000. ABCs balance sheet is as follows: Determine the tax consequences under section 75 1(b) if the partnership distributes the capital asset to A in complete liquidation of her partnership interest. Also, assuming that a valid section 754 election is in place, determine the amount and treatment of any section 734b) adjustment to the ABC partnership arising out of this distribution