Under which of the following circumstances will a partner recognize a gain from an operating distribution? Multiple Choice 

1. A partner will never recognize a gain from an operating distribution 
2. A partner will recognize a gain from an operating distribution when the partnership distributes property other than money with an inside basis greater than the partner's basis in the partnership interest 
3. A partner will recognize a gain from an operating distribution when the partnership distributes money in an amount that is less than the partner's basis in the partnership interest. 
4. A partner will recognize a gain from an operating distribution when the partnership distributes money in an amount that is greater than the partner's basis in the partnership interest