Lidie has an outside basis in her partnership interest of $1,000.She receives a liquidating distribution of $850.

a)Does Lidie recognize gain or loss on the distribution and if so how much?

b)If there is a gain or loss what is the character?

c)If instead Lidie receives cash of $850 and receivables worth $200 in which the partnership had an adjusted basis of zero, would the answer to (a) change and if so how?

d)What would the adjusted basis in the receivables be in Lidie's hands?

e)Suppose in addition to the cash and the receivables Lidie receives a ring worth $10 in which the partnership had a basis of $25.Would Lidie recognize gain or loss on the distribution?

f)What would Lidie's basis be in the ring?