[The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Tax Basis $ 45,480 15,160 81,600 FMV $ 45,480 30,320 120,840 $ 142,240 $ 196,640 On December 31, Taurin distributes $15,160 of cash, $10,107 (FMV) of accounts receivable, and $40,280 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $40,353.