Describe the tax treatment of a proportionate nonliquidating distribution of cash, land, and inventory. How are the

Question:

Describe the tax treatment of a proportionate nonliquidating of cash, land, and inventory. How are the partner's basis in the property received and the partner's gain or loss on the determined? What are the tax effects to the partnership?
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...