Randy Owns a One-Fourth Capital and Profits Interest in the Calendar-Year

Essay

Randy owns a one-fourth capital and profits interest in the calendar-year RUSR Partnership.His adjusted basis for his partnership interest was $200,000 when he received a proportionate nonliquidating distribution of the following assets: Partnership's Basis in Asset Asset's Fair Market Value Cash Inventory $120,000 60,000 $120,000 90,000 ​
a.Calculate Randy's recognized gain or loss on the distribution,if any.Explain.
b.Calculate Randy's basis in the inventory received.
c.Calculate Randy's basis for his partnership interest after the distribution.