Veggies R Us Inc., a North Carolina LLC entered into a joint venture (treated as a partnership) with a S Corporation - Pet Foods Are Us. The purpose of the venture was to grow organic sweet potatoes for use in high end dog food. Veggies contributed $750,000 worth of land. Pet Foods contributed $500,000 worth of cash. They also took out debt secured by the land for another $250,000. The value of the contribution reflects the pro-rata portions of ownership. So far, no distributions have been made as this is the first year of operations. No charitable contributions were made through the partnership. No investments income was received by the joint venture. All equipment was purchased new and any eligible accelerated depreciation was taken. The venture made $1,000,000 the first year after expenses. However, Pet Foods Are Us was bought out by Mega Foods Producer (C Corporation) at the end of the first year of the joint venture. Mega Foods Producer now has no interest in the partnership and wants to dissolve. The company has the following assets: Partial Trial Balance Cost Market Value Cash 150,000 150,000 Inventory 100,000 200,000 Farm Equipment 500,000 350,000 Land 650,000 800,000 Loan 250,000 Sales 3,000,000 Direct Field Labor 1,500,000 Direct Field Supplies 500,000 Who are the partners impacted