Simon is a 30 percent partner in the SBD Partnership, a calendar year-end entity. As of the end of this year, Simon has an outside basis in his interest in SBD of $188,000, which includes his share of the $60,000 of partnership liabilities. Orn December 31, SBD makes a proportionate distribution of the following assets to Simon lax Basis FMV Cash Inventory Land Totals $ 40,000 40,000 65,000 26,000 45,000 $125,000 $150,000 55,000 ences (amount an a2. What are the tax consequences (basis in distributed assets) of the distribution to Simon if the distribution is an operating distribution? racter of re e distr distribution is a liquidating distribution? nsequences (basis in distributed assets after allocat stribution to Simon if the distributio on? Req A1 Req A2 Req B1 Req B2 What are the tax consequences (basis in distributed assets) of the distribution to Simon if the distribution is an operating distribution? Basis Cash Inventory Land