TB ES Qu. 21-97 (Algo) Nadine Fimple is a one-half partner in the... Nadine Fimple is a one-half partner in the NL Partnership with equal inside and outside bases. On January 1, NL distributes accounts receivable with a fair value of $114,000 to Nadine as an operating distribution. NL's balance sheet as of January 1 is as follows: Cash Accounts receivable Total Basis $ 114,000 0 $ 114,000 FMV $ 114,000 114,000 $ 228,000 Nadine, capital Louis, capital Total $ 57,000 57,000 $ 114,000 What is the amount and character of Nadine's recognized gain or loss on the distribution? Essay Toolbar navigation BI V S DE PE TB ES Qu. 21-97 (Algo) Nadine Fimple is a one-half partner in the... Nadine Fimple is a one-half partner in the NL Partnership with equal inside and outside bases. On January 1, NL distributes accounts receivable with a fair value of $114,000 to Nadine as an operating distribution. NL's balance sheet as of January 1 is as follows: Cash Accounts receivable Total Basis $ 114,000 0 $ 114,000 FMV $ 114,000 114,000 $ 228,000 Nadine, capital Louis, capital Total $ 57,000 57,000 $ 114,000 What is the amount and character of Nadine's recognized gain or loss on the distribution? Essay Toolbar navigation BI V S DE PE