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The GHI partnership has the following balance sheet: Basis FMV Inventory $48,000 $72,000 Land $24,000 $36,000 Totals $72,000 $108,000 Capital, G $24,000 $36,000 Capital, H
The GHI partnership has the following balance sheet:
| Basis | FMV | |
| Inventory | $48,000 | $72,000 |
| Land | $24,000 | $36,000 |
| Totals | $72,000 | $108,000 |
| Capital, G | $24,000 | $36,000 |
| Capital, H | $24,000 | $36,000 |
| Capital, I | $24,000 | $36,000 |
| Totals | $72,000 | $108,000 |
If partner G receives a distribution consisting of of the inventory, reducing her interest in the partnership from 1/3 to 1/5, what will be the tax effects to G and the partnership?
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