Greg Has a 20% Capital and Profits Interest in the Calendar-Year

Essay

Greg has a 20% capital and profits interest in the calendar-year GDJ Partnership.His adjusted basis for his partnership interest on September 1 of the current year is $300,000.On that date,the partnership liquidates and makes a proportionate distribution of the following assets to Greg.

a.Calculate Greg's recognized gain or loss on the liquidating distribution, if any.
a. change if the partnership also distributed a chair to Greg? Assume the chair has a $500 adjusted basis (FMV is $800) to the partnership.
b.How would your answer to