The ABCD Partnership owns the following assets on December 30 of the current year: View the assets. Requirement What are the tax consequences of the distribution to the partnership, Alana, and the other partners? up her interest in a particular property.) Assets Additional Information The partnership has no liabilities, and each partner's basis in his or her partnership interest is $30,000. On December 30 of the current year, Alana receives a current distribution of inventory having a $15,375FMV, which reduces her partnership interest from one-fourth to one-fifth