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Janet, Karen, and Lisa are equal general partners in JKL Partnership. In Year 1 the partnership made nonliquidating operating distributions to each of the partners.

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Janet, Karen, and Lisa are equal general partners in JKL Partnership. In Year 1 the partnership made nonliquidating operating distributions to each of the partners. Information about the assets distributed and each partner's adjusted basis in her partnership interest before the distribution are provided in the exhibit above. Using The information provided in the exhibit, calculate the amount of gain or loss recognized by the partnership and each of the partners. For each paruier, also calculate the partner's basis in the assets distributed to that partner and the partner's post-distribution basis in her partnership interest. Enter the amounts in the table below. Enter gains as positive values and losses as positive values. If the amount is zero, enter a zero (0). Post-Distribution Basia in Gain {Lose} Partnership Basis in Property Recognized Interest Distributed JKL Partnership E Janet E E E Karen E I m Lisa I I m

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