liquidating partnership- For each, determine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset (other than cash) received.

Neil has a partnership basis of $255,000. He receives $102,000 cash, inventory with a basis to the partnership of $76,500, and a capital asset with a partnership basis of $51,000. The inventory and capital asset have fair market values of $51,000 and $76,500, respectively.

He will recognizeno gain or lossof $. The capital asset is allocated a basis of $and the inventory will have a basis of $.