Melissa, Nicole, and Ben are equal partners in the Opto Partnership (a calendar- year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis $ 19,080 0 8,220 33,600 $ 60,900 FMV $ 19,080 25,440 13,800 43,200 $ 101,520 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $27,340.(Leave no answer blank. Enter zero if applicable.) b. What is Melissa's basis in the distributed assets? c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 rather than $27,340? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than $27,340? Complete this question by entering your answers in the tabs below. Reg C1 Req C2 What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 Neither gain nor loss recognized $5,236 of ordinary income $19,636 of ordinary income $5,236 of capital gain $19,636 of capital gain c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 rather than $27,340? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than $27,340? Complete this question by entering your answers in the tabs below. Reg C1 Req c2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than Basis Cash Accounts receivable Stock investment Land d. What are the amount and character of any recognized gain or loss from the distribution to Opto? Neither gain nor loss recognized $5,236 of ordinary income $19,636 of ordinary income $5,236 of capital gain $19,636 of capital gain Melissa, Nicole, and Ben are equal partners in the Opto Partnership (a calendar- year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis $ 19,080 0 8,220 33,600 $ 60,900 FMV $ 19,080 25,440 13,800 43,200 $ 101,520 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $27,340.(Leave no answer blank. Enter zero if applicable.) b. What is Melissa's basis in the distributed assets? c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 rather than $27,340? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than $27,340? Complete this question by entering your answers in the tabs below. Reg C1 Req C2 What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 Neither gain nor loss recognized $5,236 of ordinary income $19,636 of ordinary income $5,236 of capital gain $19,636 of capital gain c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $12,080 rather than $27,340? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than $27,340? Complete this question by entering your answers in the tabs below. Reg C1 Req c2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $12,080 rather than Basis Cash Accounts receivable Stock investment Land d. What are the amount and character of any recognized gain or loss from the distribution to Opto? Neither gain nor loss recognized $5,236 of ordinary income $19,636 of ordinary income $5,236 of capital gain $19,636 of capital gain