Green, Black and Blue each own one third of Color partnership. Each has a zero outside basis in their partnership interest. Color is a cash basis service company whose sole assets are $600 in accounts receivable. The partnership has no liabilities. Green sells his partnership interest to Purple for its fair market value $200.

Suppose that Color had made an election under Section 754.

1, What would Purple's basis be in the partnership?

2. When the receivables were collected how much income would Purple report? If none, enter $0

3. If immediately after collecting the receivables the partnership liquidates, and Purple receives his $200 share of the assets, how much if any gain or loss will Purple report for tax purposes? If none, enter $0.