At 1/1/19, Neil’s basis in his Partnership interest is 100,000. At the end of the year, his allocated share of Partnership Ordinary Business Income was 12,000. He then received the following as a current distribution from the Partnership: Cash $40,000 Capital Asset valued at 80,000 (basis 70,000)

Required: 

Calculate: 

a. Partnership gain/loss on the distribution 

b. Partner’s gain/loss related to the distribution

 c. Partner ending Outside basis at the end of the year 

d. Partner Basis in the Asset received