Partnership Distributions What is the difference between the definition of a non-liquidating distributions and a liquidating distribution? What is the tax significance between the two? What issues arise if a partner contributes appreciated property to a partnership and other appreciated property is distributed to that partner? For example, a partner has a $60,000 basis in the partnership interest just before receiving a parcel of land as a liquidating distribution, the partner will have no remaining precontribution gain and will receive no other distribution. What will be the partners basis in the land once it is distributed upon termination? Explain fully.