On January 1, 2020, Emma contributed $100,000 cash in exchange for a 25% interest in ABC LLC. During 2021, the LLC generated $140,000 ordinary taxable income and no separately stated income or expenses. On December 31, 202, the ABC LLC distributed to Emma $15,000 cash.

During 2021, the ABC LLC earned $40,000 ordinary taxable income and no separately stated income or expenses. On December 31, 2021, Emma retires and liquidates her LLC interest. On the same day, the LLC distributed to Emma $70,000 cash, cash-basis receivables (basis $5,000, FMV $4,000), and a car (not an inventory; basis $50,000, FMV $30,000).

1. How much will be included in Emma's 2020 individual tax return as profit from partnership?

2. What is the basis for the LLC interest on January 1st, 2020?

3. What is Emma's recognized gain or loss from the distribution on Dec. 31, 2021.

4. What is Emma's basis of the car on Dec. 31, 2021.