4- Partnership CAT makes a liquidating proportionate distribution to T who has a one-half interest in the capital and profits of CAT. T's basis in her partnership interest is $60,000. She receives cash of $40,000 and land (held as an investment) with a basis of $15,000 and fair market value of $20,000. How much gain or loss does M recognize and what is her basis in the land after the distribution?
A. $ 0 $15,000
B.$ 0 $20,000
C. ($5,000) $15,000
D. ($5,000) $20,000
B.$ 0 $20,000 Answer: there... View the full answer