Problem 11-28 (LO. 2, 3, 4, 5, 6, 14) Vincent is a 50% partner in the TAV Partnership. He became a partner three years ago when he contributed land with a value of $60,000 and a basis of $30,000 (current value is $100,000). Tyler and Anita each contributed $30,000 cash for a 25% interest. Vincent's basis in his partnership interest is currently $135,000; the other partners' bases are each $82,500. The partnership holds the following assets. Basis FMV Cash $200,000 $200,000 Accounts receivable 0 200,000 Marketable securities 70,000 100,000 Land 30,000 100,000 Total $300,000 $600,000 a. In general terms (i.e., no calculations are required), describe the tax results to the partners and the partnership in each of the following independent scenarios where the partnership distributes the assets indicated in a current nonliquidating distribution at the end of its tax year. Hint: You should first determine whether the distributions are proportionate. If an amount is zero, enter "O". land each to Tyler and Anita and (1) Complete the paragraphs below that outline the tax results if TAV distributes a $50,000 (FMV) plot $100,000 of accounts receivable to Vincent at the end of the current year. Code 751(b) must be considered when there is a disproportionate distribution of "hot assets." In this case, both Tyler's and Anita's share of unrealized receivables is $ distribution. This will result in ordinary income each before the distribution and $ each following the recognition to Tyler and Anita under the disproportionate distribution rules. In addition, a distribution of precontribution gain property less than 7 years to the contributing partner if the distribution is to a partner other than after it was contributed can result in a taxable gain contributing partner