In each of the following problems, discuss relevant tax codes. 13. 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 FMV $90,000 30,000 90,000 210,000 Partner's Capital A B Total A/B $ 85,000 85,000 85,000 255,000 FMV $70,000 70,000 70,000 210,000 (a) In liquidation of his interest, A receives one-third of the inventory and $60,000 worth of land. What are the tax consequences of this distribution to A and the partnership. In each of the following problems, discuss relevant tax codes. 13. 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 FMV $90,000 30,000 90,000 210,000 Partner's Capital A B Total A/B $ 85,000 85,000 85,000 255,000 FMV $70,000 70,000 70,000 210,000 (a) In liquidation of his interest, A receives one-third of the inventory and $60,000 worth of land. What are the tax consequences of this distribution to A and the partnership