Question: my current selections are incorrect together. please help! Partner Walton receives a distribution of partnership property that is in complete liquidation of his partnership interest.

my current selections are incorrect together. please help! Partner Walton receives amy current selections are incorrect together. please help!

Partner Walton receives a distribution of partnership property that is in complete liquidation of his partnership interest. His outside basis at the time of the distribution is $50,000. The properties he receives are the following: 1) Cash of $20,000 2) Liability release of $15,000 3) Inventory with a fair market value of $18,000 and an inside basis to the partnership of $10,000. SELECT ALL OF THE TRUE STATEMENTS FROM THE LIST BELOW!! He has no gain or loss on this distribution He has a loss of $5,000 on the distribution He has an outside basis of $0 after this distribution and no more interest in the partnership His basis in the inventory is $10,000 His basis in the inventory is $15,000

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