Tyra has a zero basis in her partnership interest and a share in partnership liabilities, which are

Question:

Tyra has a zero basis in her interest and a share in liabilities, which are quite large. Explain how these facts will affect the taxation of her departure from the using the following methods of terminating her interest in the A liquidating of property
b. A sale of the interest to a current partner for cash Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...