Amy is a partner in Xiowa Partners. Her basis in her partnership interest is \(\$ 69,000\). In a non-liquidating distribution, Amy received three properties. Property 1 was worth \(\$ 20,000\) and had a tax basis of \(\$ 30,000\). Property 2 , valued at \(\$ 18,000\) had a tax basis of \(\$ 23,000\). Property 3 was worth \(\$ 32,000\) and had a tax basis of \(\$ 22,000\).

Assume all three properties are capital assets.

a. Will Amy recognize any taxable gain or loss on receipt of the non-liquidating distribution?

b. What basis will Amy take in properties 1,2 and 3 ?

c. What will be Amy's remaining tax basis in her partnership interest?

d. Would your answers above be different if the distribution had been in complete liquidation of Amy's partnership interest?