The Jack and Jill Partnership owns the following assets on October 1 of the current year: Assets Partnerships Basis FMV Cash $96,000 $96,000 Receivables 24,000 24,000 Inventory 42,000 48,000 Machinery* 380,000 480,000 Land 73,000 152,000 Total $615,000 $800,000 *Sale of machinery for its FMV would result in $100,000 of 1245 depreciation recapture. Thus, the machinerys FMV and original cost are the same numerical value $480,000. a. Which partnership items are unrealized receivables? b. Is the partnerships inventory substantially appreciated? c. Assume the Jack and Jill Partnership has no liabilities and Jacks basis in his partnership interest is $ 153,750. On October 1 of the current year, Jack receives a $ 50,000 current distribution in cash, which reduces his partnership interest from one- fourth to one- fifth. What are the tax results of the distribution (i. e., the amount and character of any gain, loss, or income recognized and Jacks basis in his partnership interest)? The SLD Partnership distributes the following property to Swindler in a distribution that liquidates Swindlers interest in the partnership. Assume that no Sec. 754 election is in effect. Swindlers basis in his partnership interest before the distribution is $69,000. The adjusted bases and FMVs of the distributed property to the partnership before the distribution are as follows: Assets Basis FMV Cash $ 5,000 $ 5,000 Inventory 16,000 18,000 Capital Asset 1 20,000 30,000 Capital Asset 2 40,000 35,000 Total 81,000 88,000 Determine Swindlers basis in each distributed asset. Show computations for full credit.