Partner has a basis of $40,000 and receives a cash distribution of $35,000 and a distribution of equipment with FMV of $100,000 and basis to the LLC of $10,000. What is the partner's basis in equipment (Not a liquidation)? a. $10,000 b. $14,000 c. $40,000 d. $100 e. Zero f. $22,000 g. $1,000 h. $5,000 Partner has a basis of $40,000 and receives a cash distribution of $62,000. Does the partner have a taxable event, if so what will be taxed? a. no-Zero b. yes $40,000 c. yes $1,000 d. yes $5,000 e. yes $22,000 f. yes $10,000 g. yes $14,000 h. yes $100