Josh Has a 25% Capital and Profits Interest in the Calendar-Year

Essay

Josh has a 25% capital and profits interest in the calendar-year GDJ Partnership.His adjusted basis for his partnership interest on October 15 of the current year is $300,000.On that date,the partnership liquidates and makes a proportionate distribution of the following assets to Josh. Partnership's Basis in Asset Asset's Fair Market Value Cash Inventory $ 70,000 120,000 $ 70,000 150,000 ​
a.Calculate Josh's recognized gain or loss on the liquidating distribution,if any.
a.change if the partnership also distributed a small parcel of land it had held for investment to Josh? Assume the land has a $5,000 adjusted basis (FMV is $8,000) to the partnership.
b.
How would your answer to