3. Sam receives a proportionate nonliquidating distribution when the basis of his partnership interest is $50,000. His distribution includes cash of $10,000, inventory (FMV = $14,000, basis = $12,000), and equipment (FMV = $20,000; basis $15,000). Sam's marginal tax rate is 24% and his long-term capital gains tax rate is 15%. Assume he has sufficient long-term capital gains from the sale of stock. a. How much gain or loss does Sam recognize? (Gain / Loss) b. What is Sam's tax liability/benefit on the distribution? (Liability / Benefit) c. What is Sam's basis in the inventory? d. What is Sam's basis in the equipment? e. What is Sam's remaining basis in the partnership? Proportionate Operating Distributions Partner's outside basis. Less: Cash distributed to partner. Gain recognized by partner (Line 2-Line 1). (