In each of the following problems, discuss relevant tax codes. 3 . The ABc partnership, which has not made a Sect.754 election, has the following balance sheet: Assets Cash Inventory Land Total A/B $ 90.000 15,000 150,000 255,000 WI 000'06$ 30,000 90,000 210,000 Partner!s Capital A B C Total A/B $85,000 85,000 85,000 255,000 $70,000 70,000 70,000 210,000 (i) In Liquidation of his Interest, A receive one third of the inventory and partcel #1. What are the tax consequencs of this distribution to A and the partnership (ii) In liquidaiton of his interest, A again receive A receive one third of the inventory and also $60,000 cash. What are the tax consequencs of this distribution to A and the partnership (iii) Why is recognizeed loss under 731 (a)(2) limited to liquidating distribution and further restricted with regard to the nature of the distribution? (iV) What result to A in (b) above if the inventory were worth 12000, rather than 30,000. A's interest were worth 100000 and A received 60,000 of cash and his one third of inventory?