In each of the following four liquidating distribution scenarios, the partnership also liquidates. For each, determine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset fother than cash) recoived, Assume for all scenarios that the distributions of hot assets are proportionate to the partners. You can use the format in Concept Summary 11.2. If there is no gain or loss or if an amount is zero, enter " 0 ", a. Landon has a partrecship basis of $90,000 and recelves a distribution of $112,500 in cash. He will recognige of 1x. Fenoonach: F creak Mr wong Proportionate liquidating distributions consist of a single distribution or-a series of distributions that result in the termination of then partner's entire. interest in the partnership. If the partnership continues in existence after the partner's interest is liquidated, the rules of 5 736 gavern the chassification of the liquidating payments. b. Mark has a partnership basis of 3112,500 . He receives $45,000 cash and a copital asset with a basis to the partheranip of 556,250 and a fain market value of $90,000. He will recognise of s . His basis in the capital asset is 1 x. c. Neil has a parthership basis of $225,000. He receives $90,000 cash, inventory with a basis to the partnership of $67,500, and a capital asset with a partnership basis of $45,000. The inventory and capital asset have fair market values of $45,000 and $67,500, respectively. He will recognize of 1 The capital asset is allocated a basis of $ inventory will have a basis of 4 x. x and the Foosbact r Check My Woik Partialy oorect d. Oscar has a parthership basis of $90,000. He receives a distribution of $22,500 cash and on account receivable with a bosis of $0 to the partnership (value is $34,200 ). He will recognize a of x