QUESTION 1 In a proportionate, liquidating distribution of his 40% interest in the M&B LLC, Bill received cash ($150,000), land (basis of $60,000 and FMV of $220,000), and unrealized accounts receivable (basis of $0 and FMV of $90,000). In addition, Bill is relieved of his $190,000 share of the LLC liabilities. Bill's basis in M&B (including his share of the LLC liabilities) was $500,000 immediately prior to this distribution. a. How much gain or loss does Bill recognize as a result of the distribution? b. What is Bill's basis in the accounts receivables? c. What is Bill's basis in the land received? d. Assume the same facts except that Bill received the following: Cash ($150,000), relief of his $190,000 share of the LLC liabilities, and unrealized accounts receivables (basis $0 and FMV of $90,000), but he did not receive land or any other assets. How much gain or loss does Bill recognize? What is his basis in the accounts receivables? e. Assume the same facts as part (d) except that this is a proportionate current distribution, how much gain or loss does Bill recognize? What is his basis in the accounts receivables? What is his basis in the LLC interest (outside basis)