Jimmy is a partner in the Spittin Chicklets Partnership. Jimmy has an outside basis of $110,000 at the end of the current year prior to any distributions. On December 31, Jimmy receives a proportionate operating distribution of $19,000 cash and stock in a privately held corporation (not treated as cash) that was held by the partnership for several years with a $281,000 fair market value and a $32,000 inside basis. Spittin Chicklets Partnership has no debt or hot assets.

b. How much gain or loss does Jimmy recognize on the distribution?

c. What is Jimmys basis in the stock received in the distribution?

d. What is Jimmys ending basis in her partnership interest after the distribution?