Which of the following is not typically considered to be a hot asset?

Accounts receivable of a cash basis partnership.

Inventory with a basis of $16,000 and a fair market value of $15,000.

Depreciation recapture potential.

Land held for development.

All of the above are typically considered to be hot assets.

Dan receives a proportionate nonliquidating distribution when the basis of his partnership interest is $30,000. The distribution consists of $10,000 in cash and property with an adjusted basis to the partnership of $24,000 and a fair market value of $26,500. Dan's basis in the noncash property is:

$26,500.

$24,000.

$20,000.

$10,000.

None of the above.

A cash distribution from a partnership to a partner is generally taxable to the partner.

True

False

Which of the following distributions would never result in gain recognition to the recipient partner?

		A distribution of cash that follows a contribution of appreciated property to the partnership.
		A distribution of a slightly appreciated marketable security.
		A distribution of property to a partner who, three years ago, contributed other property with a built-in gain.
		A distribution to a second partner of property contributed by the first partner two years ago.
		A proportionate distribution of inventory property.