Question: Hello - I need some help on the following question. Thank you. Karen has a basis in her partnership interest of $24,000 when she receives

Hello - I need some help on the following question. Thank you.

Karen has a basis in her partnership interest of $24,000 when she receives a distribution from the partnership of $12,000 cash, and equipment with a basis of $16,000 ($24,000 FMV).

a. How much gain or loss must Karen recognize on the distribution?

b. What is Karens ending partnership basis?

c. What is Karens basis in the equipment?

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