Charlene owns a 70% interest in Maupin Mopeds, which is organized as a partnership. She wants to open another business and needs office space for it. She has Maupin distribute a building worth $150,000 to her in lieu of her normal cash distribution. Maupin's basis in the building is $55,000. Charlene's basis in Maupin is $80,000.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.