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 partnership (Not a liquidation)? a. $40,000 b. $14,000 c. $5,000 d. $10,000 e. $100 f. $1,000 g. $22,000 h. Zero Which of the following must sign the S-Election form? (select all who apply) a. George owned shares but has already sold them back to the company b. Fred owns 100 shares and lives in California c. Mary owns no shares but is married to John d. Richard has promised to buy shares but hasn't yet e. Barney owns no shares but is married to Fred f. Wilma owns 100 shares and lives in Kansas g. Bettye owns no shares but is married to Wilma h. John owns 100 shares and lives in Louisiana