Tony received a liquidating distribution of $75,000 in cash from Tiger Enterprises, which also liquidated. At the time of the distribution, the partnership had the following balance sheet:

AB FMV

Cash $100,000 $100,000

Accounts Receivable $0 $50,000

Total $100,000 $150,000

Capital, Tony $50,000 $75,000

Capital, Sam $50,000 $75,000

Total $100,000 $150,000

Tonys basis in the partnership is $50,000. What are the tax consequences, if any of this distribution to Tony? (5 points)