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Required information Problem 10-60 (LO 10-4, LO 10-6) (Algo) Lauren's basis in Driftwood Partnership is $565,000. Driftwood distributes all the land to Lauren in complete

Required information Problem 10-60 (LO 10-4, LO 10-6) (Algo) Lauren's basis in Driftwood Partnership is $565,000. Driftwood distributes all the land to Lauren in complete liquidation of her partnership interest. The partnership reports the following balance sheet just before the distribution: Problem 10-60 Part a (Algo) a. What are the amount and character of Lauren's recognized gain or loss

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