The Taurin Partnership $($a calendar$-$year$-$end entity$)$ has the following assets as of December $31$ of the current year:

Tax Basis FMV

Cash $ $49,320$ $ $49,320$

Accounts receivable $16,44032,880$

Inventory $86,400127,560$

Totals $ $152,160$ $ $209,760$

On December $31,$ Taurin distributes $$16,440$ of cash, $$10,960($FMV$)$ of accounts receivable, and $$42,520($FMV$)$ of inventory to Emma $($a one$-$third partner$)$ in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $$43,180.$

Problem $10-46$ Part c $($Algo$)$

Required:

c$1.$ If Emma's basis before the distribution was $$59,530$ rather than $$43,180,$ what is Emma's recognized gain or loss?

c$2.$ What is her basis in the distributed assets?