1. Assume a partnership makes a distribution of land used in their business to a 60% owner. The partnership purchased the land for $410,000. At the time of the distribution, the land has a FMV of $200,000. The partners outside basis is $540,000.
   1. What is the tax result to the partnership and the partner on this distribution if it were a non liquidating distribution? (2 Points)
   2. What is the tax result to the partnership and the partner on this distribution if it were a liquidating distribution? (2 Points)