Paula's basis in her partnership interest is $60,000. In liquidation of her interest, the partnership makes a proportionate distribution to Paula of $20,000 cash and inventory (basis of $5,000 and value of $7,000 ). (Assume that the partnership also liquidates.) If an amount is zero, enter " 0 ". a. Complete the table below using the format of Concept Summary 22.4 to calculate the effects of the distribution. Note: If you use Excel to set up the table, designate an inputs area for the amounts on lines 1,2,5, and 8. Code the formulas shown in the Calculations section to determine the amounts in the remaining lines. You will use "sum," "min," "max, " and "if/then/else" formulas. b. How much gain or loss, if any, will Paula recognize on the distribution? Feedback Check My Work Partially correct c. What basis will Paula take in the inventory? $ Feedback Check My Work Incorrect d. What happens if the partnership also distributes artwork to Paula with a basis of $1,000 and a fair market value of $30,000 ? The basis in property is to $ Feedback Check My Work Correct e. Return to the original facts. Conceptually, how would your answer to parts (b) or (c) change if this had been a current distribution? If this had been a current distribution, would be recognized, and Paula would have a $ outside basis remaining for her partnership interest and a basis in the inventory