Georgia's Interest in the equal GFH Partnership is liquidated when the GFH Partnership makes a Liquidating Distribution to Georgia and the remaining Partners assume Georgia's share of the Partnership Liabilities. Georgia receives $12,000 in Cash, Accounts Receivable of $21,000 (Fair Market Value) and Equipment worth (Fair Market Value) of $47,000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following: Cash (Adjusted Basis- $60,000; Fair Market Value - $60,000); Unrealized Receivable (Adjusted Basis -$-0-; Fair Market Value $63,000); Equipment (Adjusted Basis- $72,000; Fair Market Value - $141,000) (Total Assets: Adjusted Basis - $132,000; Fair Market Value - $264,000); Notes Payable (Adjusted Basis - $24,000; Fair Market Value - $24,000); Capital Accounts: Georgia Capital (Adjusted Basis - $36,000, Fair Market Value - $80,000); Freddie Capital (Adjusted Basis - $36,000; Fair Market Value - $80,000); Helen Capital (Adjusted Basis - $36,000; Fair Market Value - $80,000) (Total Liabilities And Equity (Capital)): Adjusted Basis-$132,000; Fair Market Value - $264,000). As a result of this Liquidation, Georgia has: O No Recognized Gain or Loss. O $20,000 Ordinary Income and $24,000 Capital Gain. $44,000 Ordinary Income and $-0- Capital Gain. $24,000 Ordinary Income and $20,000 Capital Gain,