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please answer the following question Current Distributions-Proportionate. X is a 50% partner in XY, a calendar year partnership. X had a basis in her partnership

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Current Distributions-Proportionate. X is a 50% partner in XY, a calendar year partnership. X had a basis in her partnership interest of $10,000 at the beginning of the year. On October 1, she and the other partner withdrew $15,000 cash each as an advance against their anticipated share of partnership income for the year. The partnership's ordinary taxable income for the year was $60,000. a. How much gain or loss must X recognize on October 1? b. What is X's distributive share of partnership taxable income for the year, and what is the basis in her partnership interest at the end of the year? c. How would the answers to (a) and (b) change if partnership taxable income had been $6,000 instead of $60,000? Current Distributions-Proportionate. X is a 50% partner in XY, a calendar year partnership. X had a basis in her partnership interest of $10,000 at the beginning of the year. On October 1, she and the other partner withdrew $15,000 cash each as an advance against their anticipated share of partnership income for the year. The partnership's ordinary taxable income for the year was $60,000. a. How much gain or loss must X recognize on October 1? b. What is X's distributive share of partnership taxable income for the year, and what is the basis in her partnership interest at the end of the year? c. How would the answers to (a) and (b) change if partnership taxable income had been $6,000 instead of $60,000

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