Question: 3. Sam receives a proportionate liquidating distribution when the basis of his partnership interest is $50,000. His distribution includes cash of $60,000, inventory (FMV $20,000;

3. Sam receives a proportionate liquidating distribution when the basis of his partnership interest is $50,000. His distribution includes cash of $60,000, inventory (FMV $20,000; basis $10,000), and equipment (FMV-$2,000; basis $1,000). Sam's marginal tax rate is 32% and his long-term capital gains tax rate is 15%. a. How much gain or loss does Sam recognize? (Gain / Loss) b. What is Sam's tax liability/benefit on the distribution? Liability/ Benefit) What is Sam's basis in the inventory? c. d. What is Sam's basis in the equipment? What is Sam's remaining basis in the partnership? e

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