in each of the following 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 (other than cash) received.

Assume for all scenarios that the distributions of hot assets are proportionate to the partners. You can use the format inConcept Summary 11.2.

If there is no gain or loss or if an amount is zero, enter "0".

a.Landon has a partnership basis of $102,000 and receives a distribution of $127,500 in cash.

He will recognize(capital Gain/capital Loss/ordinary income/no gain or loss/an ordinary loss) of $.

b.Mark has a partnership basis of $127,500. He receives $51,000 cash and a capital asset with a basis to the partnership of $63,750 and a fair market value of $102,000.

He will recognize(capital Gain/capital Loss/ordinary income/no gain or loss/an ordinary loss) of $. His basis in the capital asset is $.