In a proportionate liquidating distribution in which the partnership is also liquidated, Ralph received cash of $$30,000,$ accounts receivable $($basis of $$0,$ fair market value of $$20,000),$ and land $($basis of $$1,000,$ fair market value of $$10,000$; treated as a capital asset by the partnership$).$ Immediately before the distribution, Ralph's basis in the partnership interest was $$40,000.$ Ralph realizes and recognizes a loss of $$9,000,$ and his basis is $$0$ in the accounts receivable and $$1,000$ in the land.

Question $17$ options:

TrueFalse